https://www.taxtmi.com/caselaws?id=192548 The Court upheld the Tribunal's decision, ruling that the seized amount should be considered as advance tax payment, exempting it from interest under Sections 234A, 234B, and 234C of the Income Tax Act. The appeal by the revenue was dismissed in favor of the assessee, emphasizing the adjustment of the seized amount for interest calculation. The Court cited precedent and found the assessee's statement during the search sufficient for adjustment, dismissing the revenue's arguments against the applicability of a previous decision. The appeal was ultimately dismissed with no costs imposed. en-us Mon, 18 Feb 2013 00:00:00 +0530 Mon, 05 Jun 2017 18:07:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192548 The Court upheld the Tribunal's decision, ruling that the seized amount should be considered as advance tax payment, exempting it from interest under Sections 234A, 234B, and 234C of the Income Tax Act. The appeal by the revenue was dismissed in favor of the assessee, emphasizing the adjustment of the seized amount for interest calculation. The Court cited precedent and found the assessee's statement during the search sufficient for adjustment, dismissing the revenue's arguments against the applicability of a previous decision. The appeal was ultimately dismissed with no costs imposed. Case-Laws Income Tax Mon, 18 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192548