https://www.taxtmi.com/caselaws?id=217382 The court ruled that Board's Instruction No.3/2011 does not have retrospective effect, making the Revenue's appeal maintainable. Additionally, the direction by CIT(A) to adjust seized funds towards the assessee's tax liability was deemed unsustainable, with the Tribunal's confirmation of the order being erroneous. The court set aside the orders of the first appellate authority and the Tribunal, ruling in favor of the Revenue. Suggestions were made to the Union Government to broaden the tax base and reduce the tax burden on existing taxpayers. en-us Wed, 03 Oct 2012 00:00:00 +0530 Tue, 02 Jul 2013 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217382 The court ruled that Board's Instruction No.3/2011 does not have retrospective effect, making the Revenue's appeal maintainable. Additionally, the direction by CIT(A) to adjust seized funds towards the assessee's tax liability was deemed unsustainable, with the Tribunal's confirmation of the order being erroneous. The court set aside the orders of the first appellate authority and the Tribunal, ruling in favor of the Revenue. Suggestions were made to the Union Government to broaden the tax base and reduce the tax burden on existing taxpayers. Case-Laws Income Tax Wed, 03 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217382