Prior to 1.6.2013 Seized cash allowed to be Adjusted towards 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 being disposed off by a common order.

2. The common grounds raised relate to non grant of credit for cash seized during search despite request by the assessee and consequential charge of Interest u/s. 234 B and 234 C.3. Since the facts are identical we are adjudicating the issue with reference to facts and figures from assessment year 20 10-11.

A search and seizure action under section 132(1) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) was conducted on 11/05/20 10 by the DIT (Inv.) Unit – IX(2), Mumbai in the case of the management council members of SIES (hereinafter referred to as SIES Group). The residential premises of office bearers of SIES viz. Shri V. Shankar (Ex Hon. Secretary), Shri G. Chidambaram (Ex-Treasurer), Shri G.R. Ramachandran (Ex Jt. Secretary), Shri KA Vishwanathan (Ex Managing Council Member), Shri N. Venkatanathan (Life member of SIES and personal aide of .Shri Y Shankar) were also covered under section 132 of the Act. The appellant was also covered in the above mentioned search action. After the search action, return was filed on 31.07.2010 showing income of Rs.172,80,810/- Notice u/s.153A of the Income Tax Axt 1961, was issued on 04.11.2011 calling for a true and correct return of total income to A.Y. 20 10-11.