https://www.taxtmi.com/caselaws?id=353654 The ITAT upheld the decision of the Ld. CIT(A) in a tax case involving seized cash. It ruled that interest u/s 234A should not be charged on the seized cash, which was adjusted as self-assessment tax. The ITAT found the A.O.'s attempt to withdraw the adjustment and charge interest u/s 234B as debatable and not rectifiable under section 154. The ITAT dismissed the Revenue's appeal, affirmed the adjustment of seized cash as self-assessment tax, and canceled the rectification order. The cross objection by the assessee was also dismissed. en-us Mon, 01 Jan 2018 00:00:00 +0530 Tue, 09 Jan 2018 08:19:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353654 The ITAT upheld the decision of the Ld. CIT(A) in a tax case involving seized cash. It ruled that interest u/s 234A should not be charged on the seized cash, which was adjusted as self-assessment tax. The ITAT found the A.O.'s attempt to withdraw the adjustment and charge interest u/s 234B as debatable and not rectifiable under section 154. The ITAT dismissed the Revenue's appeal, affirmed the adjustment of seized cash as self-assessment tax, and canceled the rectification order. The cross objection by the assessee was also dismissed. Case-Laws Income Tax Mon, 01 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353654