section 132 notification

Adjustment of Seized cash against advance tax- Explanation 2 to Section 132B is prospective in nature: CBDT

Circular No. 20/2017-Income Tax 12/06/2017

Dispute arose between the Department and the assessees with regard to adjustment of such seized/requisitioned cash against advance tax liability etc. Several Courts held that on an application made by the assessee, the seized money is to be adjusted against the advance tax liability of the assessee. ...

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