https://www.taxtmi.com/caselaws?id=210537 The Tribunal affirmed the direction to adjust seized cash against advance-tax liability and recalculate interest under sections 234B and 234C in a case where the Assessing Officer initially denied credit for the seized cash but later allowed it through a rectification order. Relying on a precedent from the Hon'ble Delhi High Court, the Tribunal held that adjusting seized cash before the tax liability due date was permissible. The Tribunal upheld the decision of the ld. CIT(A) to recompute interest based on the adjustment of seized cash, dismissing the revenue's appeal. en-us Wed, 04 Jan 2012 00:00:00 +0530 Mon, 13 Feb 2012 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210537 The Tribunal affirmed the direction to adjust seized cash against advance-tax liability and recalculate interest under sections 234B and 234C in a case where the Assessing Officer initially denied credit for the seized cash but later allowed it through a rectification order. Relying on a precedent from the Hon'ble Delhi High Court, the Tribunal held that adjusting seized cash before the tax liability due date was permissible. The Tribunal upheld the decision of the ld. CIT(A) to recompute interest based on the adjustment of seized cash, dismissing the revenue's appeal. Case-Laws Income Tax Wed, 04 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210537