https://www.taxtmi.com/caselaws?id=128510 Cash seized during search and retained by the Revenue, where adjustment against tax liability was requested, may be treated as advance tax for the limited purpose of computing interest under sections 234A, 234B and 234C; the levy was therefore to be recomputed on that basis. A Chapter VI-A deduction could not be denied merely because the investment was not made out of current-year income where the finding was that it came from earlier years' taxable income and no contrary material displaced that factual conclusion; the deduction was allowed. en-us Wed, 26 Nov 1997 00:00:00 +0530 Mon, 22 Aug 2016 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=128510 Cash seized during search and retained by the Revenue, where adjustment against tax liability was requested, may be treated as advance tax for the limited purpose of computing interest under sections 234A, 234B and 234C; the levy was therefore to be recomputed on that basis. A Chapter VI-A deduction could not be denied merely because the investment was not made out of current-year income where the finding was that it came from earlier years' taxable income and no contrary material displaced that factual conclusion; the deduction was allowed. Case-Laws Income Tax Wed, 26 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=128510