2021 (9) TMI 180

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r ( A ) For the Appellant : S. Praveena , DR For the Respondents : V. Sreelatha , AR ORDER The instant batch of three cases pertains to a single assessee M/s. Sri Venkatesh Granites Pvt. Ltd. herein. The Revenue's appeal ITA No. 1250/Hyd/2018 arises against the CIT(A)-11, Hyderabad's order dt. 19-03-2018, passed in case No. 0303/2017-18/DCIT-Central Circle-1(2), Hyd/CIT(A)-11, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....aw and on facts in holding the assessee's cash seized as eligible for adjustment against advance tax along with Section 234A, 234B and 234C interest(s) involving varying sums. She quoted Section 132B, Explanation-2 inserted in the Act, vide Finance Act, 2013 w.e.f. 01-06-2013 that an "existing liability" does not include advance tax payable in accordance with the provisions of part-C. She furt....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... The vexed question that arises for our apt adjudication therefore is as to whether the foregoing three heads i.e., Sec. 234A, 234B and 234C interest(s) deserve to be adjusted against the seized cash or not? Our adjudication to the same goes in assessee's favour and against the department. This is for the reason that Section 132(B)(1)(i) itself includes "the amount of liability determined on ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s instant sole grievance as well as the earlier appeal ITA No. 1250/Hyd/2018. 5. Next comes the Revenue's and assessee's cross appeals ITA Nos. 1251/Hyd/2018 and 1278/Hyd/2018 dealing with Section 271AAB penalty issue. Suffice to say, it transpires at the outset that the Assessing Officer's penalty order dt. 31-08-2016 had nowhere specified as to whether the alleged undisclosed inco....