2014 (11) TMI 938

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....mrita Sinha, Advocate. For the respondents : Mr. Deepak Roshan, Advocate. ORDER This writ petition has been filed by the petitioner seeking for a direction upon the Assistant Commissioner of Income Tax, Central Circle-1, Dhanbad - Assessing Officer to give credit of the amount of Rs. 27,00,000/- with effect from 28.02.2009 i.e. the date of its seizure from the petitioner under Section 132(1) of....

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....04/- including the additional income of Rs. 2,79,50,000/-. The Assessing Officer determined the total income as Rs. 7,74,44,806/- as against the return income of the assesse of Rs. 3,05,73,504/-. Being aggrieved, the assesse had filed appeal before the CIT (Appeals), Dhanbad and vide order dated 28.09.2011, the same was partly allowed. Still aggrieved, the assesse preferred appeal before Income Ta....

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....t the provisions of the Act and the various judgments of the Hon'ble Supreme Court and also the judgment in Mahesh Choudhary's case (Tax Case No. 11 of 2001 dated 02.11.2012) clearly stipulate that retained amount required to be given adjustment against the then liability of the assesse, which has been quantified subsequently by the order of assessment/reassessment and if any excess amount is reta....

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....vs. K.K.Marketing), [1998] 62 TTJ (Mumbai) 98 (Satpal D. Agarwal HUF vs. ACIT) and [2001] 118 Taxman 30 (Mum-ITAT) (Vipul D.Doshi vs. ACIT) and also the Board's Circular No.14(XL-35) dated 11.04.1955. 5. We have heard the learned counsel Mr. Deepak Roshan appearing for the respondent-Revenue. 6. The learned counsel appearing for the Revenue submitted that explanation 2 to Section 132B(4)(a) of t....