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Prior to 1.6.2013 Seized cash allowed to be Adjusted towards Advance Tax
Case Law Details
- Case Name
- N. Venkatanathan Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005- 06 to 2010- 11
- Courts
- All ITAT, ITAT Mumbai
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Provision of Explanation 2 to Section 132(B)(4) which excludes advance tax from the ambit of existing liability is applicable from 1st June 2013 and not applicable to the assessment years involved in this appeal. In the background aforesaid discussion of precedent we find that assessee was entitled to adjustment of cash seized and offered for taxation towards its liability for taxes including advance tax.
FULL TEXT OF THE ITAT ORDER
These are appeals by the assessee are directed against separate orders of Ld. CIT-A. Since the issues are common and the appeals were heard together, these are...
