Tag Archives: Circular No.20/2017

Adjustment of seized / requisitioned cash against advance tax liability – CBDT Circular

By | June 13, 2017

Summary : 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. Subsequently, Explanation 2 to Section 132B of the Act was inserted by the Finance Act, 2013 w.e.f. 01-06-2013, clarifying that “existing liability” does not include advance tax… Read More »