2013 (12) TMI 1264

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e assessment to re- compute the interest u/s 234B and 234C by treating the amount of Rs.3,86,11,000/- seized during the course of search and seizure operation u/s 132(1) of the I.T. Act, 1961 as advance tax w.e.f. 24.03.2008 i.e. the date when the assessment requested the Assessing Officer to treat the amount as advance tax." 3. Brief facts giving rise to this appeal are that the assessee filed an application of rectification u/s 154 of the Income Tax Act, 1961 (for short the Act) with following submissions:- "The brief facts of the case are that search and seizure operations U/S 132 of Income Tax Act were carried out at the premises of the appellant company on 13.03.2008, during which cash amounting to Rs. 3,86,11,000/- was seized. T....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... allowed only when the same amount is received from the P.D. Account of Commissioner of Income Tax(Central)-I, New Delhi. 5. Aggrieved, the assessee filed an appeal before the Commissioner of Income Tax(A)-I, New Delhi which was allowed by the impugned order with following observations:- "4.10 I have considered the observations made by the Assessing Officer in the order u/s 154 and also the submission of appellant. During the course of search and seizure operation carried out at the premises of the company on 13.03.2008, cash amounting to Rs 3,86,11,000/- was found and seized. Vide letter dated 24.03.2008 the appellant requested to Assessing Officer to treat the same as advance tax and accordingly adjust it against the advance tax lia....