https://www.taxtmi.com/caselaws?id=445919 The Delhi HC held that cash seized during search and offered by the assessee as advance tax must be treated as such under the then-prevailing Section 132B provisions. The court ruled that interest liability under Sections 234A, 234B, and 234C was wrongly imposed since there was no default in filing returns or advance tax payment when seized cash was properly offered for adjustment. The revenue must recalculate the refund after removing wrongly imposed interest and pay 6% interest from the return filing date. The court followed the Latika Datt Abbott precedent, emphasizing that adjustment requests must be honored from when first made. en-us Wed, 01 Nov 2023 00:00:00 +0530 Wed, 22 Nov 2023 08:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445919 The Delhi HC held that cash seized during search and offered by the assessee as advance tax must be treated as such under the then-prevailing Section 132B provisions. The court ruled that interest liability under Sections 234A, 234B, and 234C was wrongly imposed since there was no default in filing returns or advance tax payment when seized cash was properly offered for adjustment. The revenue must recalculate the refund after removing wrongly imposed interest and pay 6% interest from the return filing date. The court followed the Latika Datt Abbott precedent, emphasizing that adjustment requests must be honored from when first made. Case-Laws Income Tax Wed, 01 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445919