https://www.taxtmi.com/caselaws?id=765163 ITAT Mumbai held that cash seized during search operations cannot be adjusted against advance tax liability under section 132B, as Explanation 2 prohibits such adjustment. The matter was remanded to AO for verification of assessee's claim to adjust seized cash against self-assessment tax liability, requiring evidence of circumstances similar to precedent case. Regarding regular tax demand, the tribunal directed adjustment of seized cash against tax liability raised in demand notice, ruling that no interest under section 220 can be charged since the department already possessed the cash for adjustment within the statutory 30-day period. en-us Fri, 22 Nov 2024 00:00:00 +0530 Mon, 27 Jan 2025 08:40:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765163 ITAT Mumbai held that cash seized during search operations cannot be adjusted against advance tax liability under section 132B, as Explanation 2 prohibits such adjustment. The matter was remanded to AO for verification of assessee's claim to adjust seized cash against self-assessment tax liability, requiring evidence of circumstances similar to precedent case. Regarding regular tax demand, the tribunal directed adjustment of seized cash against tax liability raised in demand notice, ruling that no interest under section 220 can be charged since the department already possessed the cash for adjustment within the statutory 30-day period. Case-Laws Income Tax Fri, 22 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765163