ACIT, MADURAI vs. A.N.PALANISAMY (HUF), SIVAKASI
In the result, both appeals of the Revenue in ITA Nos
ITA 1759/CHNY/2014[2009-10]Status: DisposedITAT Chennai09 Mar 2015AY 2009-10
Bench: Shri Chandra Poojari & Shri S.S. Godara
For Appellant: Shri. Durgesh Sumrott, IRS, CITFor Respondent: Shri. K.V. Raman, C.A
Section 132(4)(b)Section 132(5)Section 132BSection 132B(1)(i)Section 143(3)Section 234A
Section 132B provide for adjustment of cash seized only against the existing liability and such existing liability arises on completion of the assessment and demand is created’’.
3. The facts of the case as narrated in ITA No.947/2014 is as below.
There was a search conducted in the business and residential premises of
M/s. Sri Kaliswari fireworks group concerns
