Payment of self-assessment tax is an existing liability u/s 132B for adjustment of seized cash

Arun Bansal Vs ACIT (ITAT Delhi) ITAT Delhi held that payment of self-assessment tax is an existing liability u/s 132B for adjustment of seized cash. Accordingly, interest u/s 234B of the Income Tax Act not leviable. Facts- On 01.12.2018, a search and seizure operation u/s. 132 of the Act was conducted in case of Faquir Chand Lockers and Vaults Pvt. Ltd. In course of search and seizure operation, Investigation Wing found locker No. 168 in the name of the assessee. On opening of the said locker, cash amounting to Rs.1,07,00,000/- was found. The cash found in the locker was seized by the Departm...