https://www.taxtmi.com/caselaws?id=343685 Seized cash offered and accepted as undisclosed income was held adjustable against the assessee's tax liability, including advance tax, because the governing version of section 132B did not yet exclude advance tax from recoverable liability. The Tribunal noted that the restrictive Explanation 2 to section 132B operated only prospectively from 1 June 2013, so it did not apply to the years in issue. On that basis, the seized cash had to be adjusted from the date of the assessee's request, and the consequent levy of interest under sections 234B and 234C was unsustainable. en-us Tue, 30 May 2017 00:00:00 +0530 Wed, 31 May 2017 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343685 Seized cash offered and accepted as undisclosed income was held adjustable against the assessee's tax liability, including advance tax, because the governing version of section 132B did not yet exclude advance tax from recoverable liability. The Tribunal noted that the restrictive Explanation 2 to section 132B operated only prospectively from 1 June 2013, so it did not apply to the years in issue. On that basis, the seized cash had to be adjusted from the date of the assessee's request, and the consequent levy of interest under sections 234B and 234C was unsustainable. Case-Laws Income Tax Tue, 30 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343685