https://www.taxtmi.com/caselaws?id=444320 The assessee appealed against the order of CIT(A)-16, New Delhi regarding the adjustment of seized cash against advance tax liability and the retrospective application of Explanation 2 to Section 132B of the Income-tax Act, 1961. The Tribunal allowed the appeal, holding that the Explanation is prospective and should not be applied retrospectively. The Tribunal found the AO's order to be against CBDT Circular and High Court rulings, emphasizing that hyper technicalities by the authorities were not appreciated. The decision was pronounced on 20/06/2023. en-us Tue, 20 Jun 2023 00:00:00 +0530 Thu, 12 Oct 2023 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444320 The assessee appealed against the order of CIT(A)-16, New Delhi regarding the adjustment of seized cash against advance tax liability and the retrospective application of Explanation 2 to Section 132B of the Income-tax Act, 1961. The Tribunal allowed the appeal, holding that the Explanation is prospective and should not be applied retrospectively. The Tribunal found the AO's order to be against CBDT Circular and High Court rulings, emphasizing that hyper technicalities by the authorities were not appreciated. The decision was pronounced on 20/06/2023. Case-Laws Income Tax Tue, 20 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444320