Interest u/s. 234B leviable as cash seized cannot be adjusted against tax liability as advance tax

Kamla Mehta Vs CIT (Punjab and Haryana High Court) Punjab and Haryana High Court held that cash seized cannot be adjusted against tax liability as advance tax and hence interest under section 234B of the Income Tax Act on delayed payment of advance tax duly leviable. Facts- The respondent-Revenue on 17.07.2007 conducted search at different premises of both the appellants as well as one person namely Sarup Chand. Thereafter, the appellant filed her return pursuant to notice issued u/s. 153A of 1961 Act. The appellant disclosed undisclosed income of Rs.77,25,000/- as short term capital gain aris...