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…

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