https://www.taxtmi.com/caselaws?id=757976 HC held that cash seized from a third party could not be treated as belonging to the appellants from the date of seizure and therefore could not be adjusted against their tax liability at that time. Section 132B does not convert third-party deposits into appellants' advance tax; appellants had not paid advance tax and were liable for interest under s.234B for delayed payment. Revenue correctly adjusted the seized amount from the date of framing of assessment. Decision for the assessee. en-us Fri, 30 Aug 2024 00:00:00 +0530 Mon, 01 Sep 2025 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757976 HC held that cash seized from a third party could not be treated as belonging to the appellants from the date of seizure and therefore could not be adjusted against their tax liability at that time. Section 132B does not convert third-party deposits into appellants' advance tax; appellants had not paid advance tax and were liable for interest under s.234B for delayed payment. Revenue correctly adjusted the seized amount from the date of framing of assessment. Decision for the assessee. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757976