TaxTMI 
TaxTMI 
2026 (9) TMI 142
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....of the Income Tax Act, 1961 read with Section 5 of the Limitation Act, 1963 seeking condonation of delay of 92 days in filing the appeal. 2. For the reasons stated in the application, the delay of 92 days in filing the appeal is condoned. 3. Application stands disposed of. CM APPL. 55364/2026 [Stay] 4. Mr. Puneet Rai, learned Senior Standing Counsel for the appellant argued that the assessee/Kapoor Industries had wrongly claimed the amount of Rs. 17,66,50,000/- (which was seized from lockers of Shakun Tamang and Ashish Kapoor) as self-assessment tax on its behalf for AY 2024-25, as the assessment proceeding of searched person was pending and as per the provisions of Section 132B of the Income Tax Act, 1961 (hereinafter referred ....
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....was seized had written a letter to the AO, who incidentally was the AO of the both the assessees (namely, Ashish Kapoor and Kapoor Industries), which letter stated that the disputed cash belonged to Kapoor Industries and that such cash lying seized be treated to be self-assessment tax of Kapoor Industries. And it was only, thereafter, the respondent-assessee had claimed it to be self-assessment tax, while furnishing the return on 28.10.2024. 9. He submitted that it is interesting to note that the assessee's assessment under Section 143(1)(a) had been made and the amount of Rs. 17,66,50,000/- which was offered as income by Kapoor Industries as cash sale had been accepted as claimed and vehemently argued that since the AO did not dispute t....
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....at this juncture, is not much concerned as to whether the amount ought to have been considered as self-assessment tax or should have been adjusted after assessee's assessment under Section 143(1)(a) of the Act of 1961 was made and after adjusting the liability of Rs. 3,74,28,230/-. He argued that the appeal be rejected and the appellant be directed to refund the amount forthwith alongwith applicable interest. 13. Heard learned counsel for the parties. 14. The argument of Mr. Rai, learned Senior Standing Counsel that Section 132B of the Act of 1961 gives power to retain the seized amount does not come to the aid of the Department because it has to be taken into consideration that the notice under Section 148 of the Act of 1961 to the r....
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.... assessee. The amount so calculated shall not be paid to the assessee, as we are told that the issue, as to whether an assessee is entitled to get interest on excess payment of self-assessment tax is pending consideration of the Larger Bench. 17. The amount of interest so calculated shall be remitted to the Registrar General of this Court within two months from today, who shall get an auto renewable interest bearing FDR prepared in the name of respondent-assessee and keep it with him. In case the issue is decided in favour of the assessee by the Larger Bench, the said amount of interest shall be paid to the assessee on an application moved by it in this regard. 18. Stay application stands disposed of. ITA 671/2026 19. The appeal....