https://www.taxtmi.com/caselaws?id=61468 The Tribunal ruled in favor of the Revenue, setting aside the CIT(A)'s direction for adjustment of seized cash against tax liabilities. The judgment emphasized adherence to statutory provisions regarding the adjustment of seized assets towards advance tax payable and penalty imposition for late filing of returns under section 132B. The Tribunal held that the seized cash did not automatically constitute advance tax payable without a valid order of appropriation, ultimately dismissing the assessee's cross-objections and upholding the Revenue's appeal. en-us Tue, 14 Jan 1997 00:00:00 +0530 Wed, 12 Jan 2011 17:01:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61468 The Tribunal ruled in favor of the Revenue, setting aside the CIT(A)'s direction for adjustment of seized cash against tax liabilities. The judgment emphasized adherence to statutory provisions regarding the adjustment of seized assets towards advance tax payable and penalty imposition for late filing of returns under section 132B. The Tribunal held that the seized cash did not automatically constitute advance tax payable without a valid order of appropriation, ultimately dismissing the assessee's cross-objections and upholding the Revenue's appeal. Case-Laws Income Tax Tue, 14 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61468