2018 (1) TMI 390

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....13 on the following grounds : 1. "The Ld. Commissioner of Income Tax (Appeals) has erred in law and on the facts in directing not to charge interest u/s 234A of the Act in respect of seized cash of Rs. 2,60,00,000/- from the date of seizure to the date of completion of assessment. 2. On the facts and in the circumstances of the case, the direction of CIT(A) in contradicting to her direction to adjust the seized cash as self assessment tax and therefore, the interest u/s 234B is livable upto the date of such adjustment. 3. (a) The order of the CIT (A) is erroneous and not tenable in law and on facts, (b) The appellant craves leave to add, alter or amend any/all of the grounds of appeal before or during the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... payment of tax due as additional income offered. The assessee also made similar statement in his statement recorded under section 131. The assessee has claimed Rs. 2.60 crores as self assessment tax in the return filed under section 153A of the I.T. Act which were the cash seized during the course of search. The assessee also submitted before A.O. at assessment stage that cash so seized may be adjusted against the self-assessment tax. The A.O. while passing the order under section 143(3) r.w.s. 153A dated 30th March, 2015, accepted the amount offered on account of cash seized of Rs. 2.60 crores. The A.O. gave benefit of seized cash as adjustment of tax. The A.O. later on proposed rectification under section 154 for withdrawing the benefit ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....61. This fact is also clear from the recent judgment dt. 28.09.2015 in the case of ACIT vs. Narendra N Thacker of ITAT Bench B, Kolkata, IT (SS) A No. 01/KOL/2012 cited by the Ld. Counsel of the Appellant. 5.2 Based on the above finding, the contention of the appellant appears to be acceptable and accordingly and the above order passed u/s 154 of the Income Tax Act, 1961 is cancelled and A.O is directed to give the credit of cash seized of Rs. 2,60,00,000/- as self assessment tax as claimed by the appellant. 5.3 Further the A.O. is directed not to charge interest u/s 234B of the Income Tax Act, 1961 from the date of seizure of cash to the date of completion of assessment in respect of cash seized of Rs. 2,60,00,000/-. ....