Cash seized during search can be adjusted only against existing tax liability

ITAT BANGALORE BENCH ‘A’ M.J. Ramani Versus Deputy Commissioner of Income-tax N. BARATHVAJA SANKAR, VICE-PRESIDENT AND N.V. Vasudevan, JUDICIAL MEMBER IT Appeal Nos. 383 & 384 (Bang.) of 2012 [ASSESSMENT YEARS 2008-09 & 2009-10] Date of Pronouncement – 31.01.2013 ORDER 1. These are appeals by the assessee against the common order dated 03.10.2011 of the CIT(Appeals)-VI, Bangalore relating to assessment years 2008-09 & 2009-10. 2. The grounds of appeal raised by the assessee in both the appeals are identical. For the sake of easy reference, the gro...