Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
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Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash seized from Sarup Chand should be treated as their cash and adjusted against their tax liability u/s 140A read with Section 153A. However, Section 132B provides for dealing with seized assets as prescribed. While determining tax liability, tax deducted/collected at source and advance tax are deducted from total liability. The appellants did not pay advance tax and wrongly claimed the seized amount from Sarup Chand should be treated as their advance tax u/s 132B. The seized cash was in Sarup Chand's bank account, and until liability determination, there was no question of adjustment against appellants' liability. They were liable for interest u/s 234B on delayed advance tax payment. The seized cash from Sarup Chand could not be treated as appellants' cash from seizure date and could not be adjusted against their liability on that date. Revenue correctly adjusted seized cash from assessment framing date and charged interest u/s 234B on delayed advance tax payment.
Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash seized from Sarup Chand should be treated as their cash and adjusted against their tax liability u/s 140A read with Section 153A. However, Section 132B provides for dealing with seized assets as prescribed. While determining tax liability, tax deducted/collected at source and advance tax are deducted from total liability. The appellants did not pay advance tax and wrongly claimed the seized amount from Sarup Chand should be treated as their advance tax u/s 132B. The seized cash was in Sarup Chand's bank account, and until liability determination, there was no question of adjustment against appellants' liability. They were liable for interest u/s 234B on delayed advance tax payment. The seized cash from Sarup Chand could not be treated as appellants' cash from seizure date and could not be adjusted against their liability on that date. Revenue correctly adjusted seized cash from assessment framing date and charged interest u/s 234B on delayed advance tax payment.
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