The ITAT Delhi considered the issue of adjusting seized fixed ...

ITAT Delhi held that seized fixed deposits can be adjusted towards self-assessment tax liability from the date of request, not date of return filing.

Case Laws Income Tax

May 21, 2024

The ITAT Delhi considered the issue of adjusting seized fixed deposits with advance tax liability. The assessee requested adjustment on 11.04.2012, before filing a belated return on 26.03.2013. The tribunal held that the request was towards self-assessment tax, irrespective of the filing date. Lower authorities overlooked this. The seized deposits were later adjusted against regular tax arrears. The tribunal directed the AO to adjust the deposits towards self-assessment tax from 11.04.2012, recalculating interest u/s 234B. Adjustments made towards regular tax should be reversed.

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The ITAT Delhi considered the issue of adjusting seized fixed ...

ITAT Delhi held that seized fixed deposits can be adjusted towards self-assessment tax liability from the date of request, not date of return filing.

Case Laws Income Tax

May 21, 2024

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