https://www.taxtmi.com/caselaws?id=181207 The ITAT allowed the appeal, directing the department to credit the seized cash against the assessee's tax liability for calculating interest under sec. 234B and 234C. The ITAT emphasized that seized assets could be adjusted towards advance tax liability, aligning with sec. 132B(1)(i) of the Income-tax Act. The decision followed the precedent set by a Co-ordinate Bench and the principles in the Nikka Mal Babu Ram case, effectively overturning the CIT(Appeals) decision. The department must credit the seized amount from the date of the assessee's application, acknowledging the cash as advance tax payment. en-us Fri, 14 Oct 2011 00:00:00 +0530 Fri, 20 Dec 2024 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181207 The ITAT allowed the appeal, directing the department to credit the seized cash against the assessee's tax liability for calculating interest under sec. 234B and 234C. The ITAT emphasized that seized assets could be adjusted towards advance tax liability, aligning with sec. 132B(1)(i) of the Income-tax Act. The decision followed the precedent set by a Co-ordinate Bench and the principles in the Nikka Mal Babu Ram case, effectively overturning the CIT(Appeals) decision. The department must credit the seized amount from the date of the assessee's application, acknowledging the cash as advance tax payment. Case-Laws Income Tax Fri, 14 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181207