https://www.taxtmi.com/caselaws?id=345461 The Tribunal allowed the appeal, directing that the seized cash be adjusted against the advance tax liability from the date of the application. The Tribunal ruled that no interest should be charged under sections 234B and 234C due to the non-adjustment of the seized cash. The Tribunal also held that Explanation-2 to section 132B does not apply retrospectively, allowing for the adjustment of seized cash against advance tax liability. The rectification application under section 154 was granted, affirming that the failure to adjust the seized cash was an apparent error, and necessary adjustments were ordered accordingly. en-us Tue, 22 Nov 2016 00:00:00 +0530 Tue, 18 Jul 2017 10:25:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345461 The Tribunal allowed the appeal, directing that the seized cash be adjusted against the advance tax liability from the date of the application. The Tribunal ruled that no interest should be charged under sections 234B and 234C due to the non-adjustment of the seized cash. The Tribunal also held that Explanation-2 to section 132B does not apply retrospectively, allowing for the adjustment of seized cash against advance tax liability. The rectification application under section 154 was granted, affirming that the failure to adjust the seized cash was an apparent error, and necessary adjustments were ordered accordingly. Case-Laws Income Tax Tue, 22 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345461