Assessee can use Rs. 1.76 crores seized cash for self-assessment tax, but not for advance tax.

Assessee can use Rs. 1.76 crores seized cash for self-assessment tax, but not for advance tax. https://www.taxtmi.com/highlights?id=69785 Interest u/s 234 B - Advance tax - Adjustment / Credit for cash as seized - there is no prohibition to adjust the seized cash with self assessment tax. What is prohibited is only adjustment of seized cash with the advance tax. Hence, we hold that the assessee is entitled for adjustment of seized cash of Rs. 1.76 crores with self assessment tax payable by the assessee in the return of income. - AT en-us Tue, 16 May 2023 18:17:03 +0530 Tue, 16 May 2023 18:17:03 +0530 TaxTMI RSS Generator Assessee can use Rs. 1.76 crores seized cash for self-assessment tax, but not for advance tax. https://www.taxtmi.com/highlights?id=69785 Interest u/s 234 B - Advance tax - Adjustment / Credit for cash as seized - there is no prohibition to adjust the seized cash with self assessment tax. What is prohibited is only adjustment of seized cash with the advance tax. Hence, we hold that the assessee is entitled for adjustment of seized cash of Rs. 1.76 crores with self assessment tax payable by the assessee in the return of income. - AT Highlights Income Tax Tue, 16 May 2023 18:17:03 +0530 https://www.taxtmi.com/highlights?id=69785