Cash seized during Search cannot be Adjusted against Self Assessed Tax Liability: ITAT deletes Penalty [Read Order]

By Taxscan Team - On July 18, 2022 8:44 pm - 2 mins read
Cash seized - Search - Self Assessed - Tax Liability - ITA - Penalty - Taxscan

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the cash seized during search cannot be adjusted against the self-assessed existing tax liability as per the provisions of section 132B of the Income Tax Act, 1961. Search action was conducted on the assessee, Shri Jagdishbhai R. Patel from 1.7.2013 to 5.7.2013 in consequent…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here

Topics

taxscan-loader