https://www.taxtmi.com/caselaws?id=771856 Seized cash was examined for two tax consequences: whether it could be treated as unexplained money under section 69A read with section 115BBE, and whether it could be adjusted against existing tax liability under section 132B with resulting impact on interest under sections 234A and 234B. The Tribunal found the assessee's explanation that the cash represented speculative business income had not been properly examined, so the addition was set aside and remanded for fresh adjudication. It also accepted that, after a return is filed, self-assessment tax is an existing liability for section 132B purposes, so seized cash may be credited against that liability; on that basis, the interest computation could not stand as made by the authorities. en-us Tue, 27 May 2025 00:00:00 +0530 Sat, 31 May 2025 08:47:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771856 Seized cash was examined for two tax consequences: whether it could be treated as unexplained money under section 69A read with section 115BBE, and whether it could be adjusted against existing tax liability under section 132B with resulting impact on interest under sections 234A and 234B. The Tribunal found the assessee's explanation that the cash represented speculative business income had not been properly examined, so the addition was set aside and remanded for fresh adjudication. It also accepted that, after a return is filed, self-assessment tax is an existing liability for section 132B purposes, so seized cash may be credited against that liability; on that basis, the interest computation could not stand as made by the authorities. Case-Laws Income Tax Tue, 27 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771856