Adjustment of seized cash against tax liability payable on the income declared in the application submitted u/s.245C(1) before income Tax Settlement Commission (ITSC)
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Adjustment of seized cash: seized cash cannot be applied to tax payable on income declared in a Settlement Commission application. Seized cash is to be applied against liabilities already determined by assessment, penalty or interest arising from search proceedings and does not include the additional tax and interest payable on income declared in an application before the Income Tax Settlement Commission, since that amount must be paid on or before filing and therefore is not an existing liability for the purpose of applying seized cash.
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Provisions expressly mentioned in the judgment/order text.
Adjustment of seized cash: seized cash cannot be applied to tax payable on income declared in a Settlement Commission application.
Seized cash is to be applied against liabilities already determined by assessment, penalty or interest arising from search proceedings and does not include the additional tax and interest payable on income declared in an application before the Income Tax Settlement Commission, since that amount must be paid on or before filing and therefore is not an existing liability for the purpose of applying seized cash.
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