Tax Tribunal Rules on Seized Assets Adjustment, Interest Levy Errors, and FDR Classification in Tax Liabilities Case.

Tax Tribunal Rules on Seized Assets Adjustment, Interest Levy Errors, and FDR Classification in Tax Liabilities Case. https://www.taxtmi.com/highlights?id=75168 Adjustment of "seized asset" against "existing liability" and levy of "interest u/s 234B" - outer time period of 120 days - The ITAT held that Ld AO miserably failed to adhere to the provisions of section 132B[1] and the CIT [A] is not justified in confirming the interest charged u/s. 234B of the Act for the period up to 15-09-2010. Therefore AO directed to rework the computation in accordance with the provisions of law after providing proper opportunity of hearing to the assessees. - However, ITAT the claim concerning the grant of interest on seized assets u/s 132B(4), agreeing with the lower authorities that FDRs do not qualify as "money" for the purpose of interest entitlement. en-us Sat, 24 Feb 2024 09:27:47 +0530 Sat, 24 Feb 2024 08:17:12 +0530 TaxTMI RSS Generator Tax Tribunal Rules on Seized Assets Adjustment, Interest Levy Errors, and FDR Classification in Tax Liabilities Case. https://www.taxtmi.com/highlights?id=75168 Adjustment of "seized asset" against "existing liability" and levy of "interest u/s 234B" - outer time period of 120 days - The ITAT held that Ld AO miserably failed to adhere to the provisions of section 132B[1] and the CIT [A] is not justified in confirming the interest charged u/s. 234B of the Act for the period up to 15-09-2010. Therefore AO directed to rework the computation in accordance with the provisions of law after providing proper opportunity of hearing to the assessees. - However, ITAT the claim concerning the grant of interest on seized assets u/s 132B(4), agreeing with the lower authorities that FDRs do not qualify as "money" for the purpose of interest entitlement. Highlights Income Tax Sat, 24 Feb 2024 09:27:47 +0530 https://www.taxtmi.com/highlights?id=75168