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High Court Confirms Seized Currency Adjustment Against Advance Tax and Interest Levy u/ss 132 and 234C.
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....Treatment of the currency seized during the search and seizure operations conducted u/s 132 - Adjustment with advance tax liability - levy of interest u/s 234C - at the stage of Section 132(5) of the Act, such liability in respect of the Assessee’s income for the Previous Year 1990-91 could not be specified under clause (iii) of Section 132(5) - levy of interest confirmed - HC....