| COURT: | ITAT Delhi |
| CORAM: | C. M. Garg (JM), R. S. Syal (AM) |
| SECTION(S): | Explanation 2 to s. 132B |
| GENRE: | Domestic Tax |
| CATCH WORDS: | advance tax, existing liability, seized cash |
| COUNSEL: | V. S. Rastogi |
| DATE: | October 17, 2014 (Date of pronouncement) |
| DATE: | October 21, 2014 (Date of publication) |
| AY: | 2005-06 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| Expl 2 to S. 132B, though inserted w.e.f. 1.6.2013, is retrospective and seized cash cannot be adjusted against advance-tax liability | |
(i) As per provisions of section 132B of the Act the assets seized u/s 132 or requisitioned u/s 132A may be adjusted towards the amount of any “existing liability”. The Explanation 2 to section 132B of the Act inserted by …
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