https://www.taxtmi.com/caselaws?id=222114 The Tribunal ruled in favor of the appellants, emphasizing that the seized cash should have been adjusted against the tax liability and interest charged accordingly. The assessing officer's failure to credit the seized amount as tax paid led to the dispute. The Tribunal held that interest should be calculated based on the period the funds were held by the government, directing the assessing officer to grant interest on the demand from the date of seizure. This decision overturned the CIT(A)'s orders and allowed the appeals of the respective assessees. en-us Thu, 14 Feb 2013 00:00:00 +0530 Mon, 15 Apr 2013 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=222114 The Tribunal ruled in favor of the appellants, emphasizing that the seized cash should have been adjusted against the tax liability and interest charged accordingly. The assessing officer's failure to credit the seized amount as tax paid led to the dispute. The Tribunal held that interest should be calculated based on the period the funds were held by the government, directing the assessing officer to grant interest on the demand from the date of seizure. This decision overturned the CIT(A)'s orders and allowed the appeals of the respective assessees. Case-Laws Income Tax Thu, 14 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=222114