HIGH COURT OF JUDICATURE AT HYDERABAD FOR THE STATE OF TELANGANA AND THE STATE OF ANDHRA PRADESH THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A. No. 322 of 2014 Date: 04.06.2014 Between:
The Commissioner of Income Tax-IV, Hyderabad.
… Appellant And M/s. Maliflorex Limited, Hyderabad.
… Respondent This Court made the following:
THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A. No. 322 of 2014 JUDGMENT: (Per the Hon’ble The Chief Justice Sri Kalyan Jyoti Sengupta) This appeal is sought to be preferred against the judgment and order dated 28.09.2012 of the learned Tribunal in relation to the assessment year 2008-09 and sought to be admitted as per the submission of Mr. Prasad on the following suggested question of law No.6 only, which is set out hereunder.
“Whether in the facts and circumstances of the case and in law, Hon’ble ITAT is justified in directing the assessing officer to recalculate the interest u/s. 234A and 234B after giving effect to the provisions of 132B, without appreciating that as per provisions of Sections 234A and 234B no credit can be given to the seized cash while computing the liability under the relevant sections?”
Having heard Mr. Prasad, learned counsel for the appellant, and going through the impugned judgment and order of the learned Tribunal, the only question that arises is how the seized amount in case of search and seizure should be appropriated. The learned Tribunal has directed that the seized amount has to be adjusted in terms of Section 132B of the Income Tax Act, 1961 and after adjusting the existing liabilities, if any amount remains, the same has to be adjusted towards the outstanding tax relating to the assessment completed under Section 153A of the Act. We have read Section 132B of the Act and we are of the view that the learned Tribunal has correctly applied the law. Therefore, nothing is to be adjudicated in this appeal.
The appeal is accordingly dismissed. No costs. Miscellaneous petitions, if any, pending in this appeal shall stand dismissed.
K.J. SENGUPTA, CJ SANJAY KUMAR, J Date: 04.06.2014 ES