Assessee entitled to adjustment of seized cash against advance tax liability

CA Prarthana Jalan

Hon,ble ITAT Agra has held in the case of ACIT Vs. Sunil C Gupta that Cash seized to be adjusted against advance tax liability. Explanation-2 to Section 132B of the Act enacted with effect from 1st June 2013.  Hon’ble ITAT has upheld the observations of ld CIT(A) which are as under  –

I have carefully considered the assessment order as well as the written submission of the appellant, Remand report and the rejoinder on

Please become a Premium member. If you are already a Premium member, login here to access the full content.