https://www.taxtmi.com/caselaws?id=288940 The ITAT ruled partially in favor of the assessee, allowing the appeal against the Revenue regarding the levy of interest under sections 234B and 234C for A.Y. 2010-11. The tribunal concluded that the amendment to sec 132B was clarificatory and not retrospective, supporting the adjustment of seized cash against advance tax liabilities existing before 01.06.2013. Grounds 1 to 3 were decided in favor of the assessee, while Ground 4 was dismissed as academic. The decision was consistent with the interpretation that advance tax liabilities were part of existing liabilities prior to the amendment date. en-us Fri, 29 Sep 2017 00:00:00 +0530 Thu, 14 Nov 2024 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288940 The ITAT ruled partially in favor of the assessee, allowing the appeal against the Revenue regarding the levy of interest under sections 234B and 234C for A.Y. 2010-11. The tribunal concluded that the amendment to sec 132B was clarificatory and not retrospective, supporting the adjustment of seized cash against advance tax liabilities existing before 01.06.2013. Grounds 1 to 3 were decided in favor of the assessee, while Ground 4 was dismissed as academic. The decision was consistent with the interpretation that advance tax liabilities were part of existing liabilities prior to the amendment date. Case-Laws Income Tax Fri, 29 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288940