https://www.taxtmi.com/caselaws?id=122151 Seized cash may be adjusted against an assessee's advance tax liability where that liability has already arisen and qualifies as an existing liability under section 132B(1)(i) of the Income-tax Act; a narrow reading excluding advance tax would defeat the provision's object, so denial of adjustment was incorrect. Interest under section 234A is not leviable where the return is filed within the CBDT-extended due date, because such filing is not delayed for that purpose, and the interest must be deleted. Consequential interest under sections 234B and 234C is to be recomputed after giving effect to the seized cash adjustment. en-us Wed, 30 Jun 2010 00:00:00 +0530 Wed, 16 Aug 2023 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122151 Seized cash may be adjusted against an assessee's advance tax liability where that liability has already arisen and qualifies as an existing liability under section 132B(1)(i) of the Income-tax Act; a narrow reading excluding advance tax would defeat the provision's object, so denial of adjustment was incorrect. Interest under section 234A is not leviable where the return is filed within the CBDT-extended due date, because such filing is not delayed for that purpose, and the interest must be deleted. Consequential interest under sections 234B and 234C is to be recomputed after giving effect to the seized cash adjustment. Case-Laws Income Tax Wed, 30 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122151