ACIT, MADURAI vs. G.SHANMUGARAJ (HUF), SIVAKASI

In the result, both appeals of the Revenue in ITA Nos

Bench: Shri Chandra Poojari & Shri S.S. Godara

234A, 234B and 234C has to be calculated when the provisions of 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