https://www.taxtmi.com/caselaws?id=206283 The High Court ruled in favor of the Assessee, upholding the decision that the seized cash and deposited amount could be adjusted towards the Advance Tax liability under sections 234B and 234C of the Income Tax Act, 1961. The Court held that the Assessee's request for adjustment before the final Advance Tax installment deadline was valid, as the liability to pay Advance Tax arises immediately upon declaring undisclosed income. The Revenue's argument that the seized amount can only be used post-assessment was rejected. The appeal was dismissed with no costs awarded. en-us Wed, 21 Sep 2011 00:00:00 +0530 Fri, 21 Oct 2011 23:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206283 The High Court ruled in favor of the Assessee, upholding the decision that the seized cash and deposited amount could be adjusted towards the Advance Tax liability under sections 234B and 234C of the Income Tax Act, 1961. The Court held that the Assessee's request for adjustment before the final Advance Tax installment deadline was valid, as the liability to pay Advance Tax arises immediately upon declaring undisclosed income. The Revenue's argument that the seized amount can only be used post-assessment was rejected. The appeal was dismissed with no costs awarded. Case-Laws Income Tax Wed, 21 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206283