Itta/322/2014 Of The Commissioner Of Income-Tax-Iv v. M/S Maliflorex Ltd

HIGH COURT OF JUDICATURE AT HYDERABADFOR THE STATE OF TELANGANA AND THE STATE OF ANDHRAPRADESH THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR AND 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 SENGUPTAANDTHE 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 andorder dated 28.09.2012 of the learned Tribunal in relation to theassessment year 2008-09 and sought to be admitted as per thesubmission of Mr. Prasad on the following suggested question of lawNo.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 theinterest u/s. 234A and 234B after giving effect to the provisions of 132B,without appreciating that as per provisions of Sections 234A and 234B nocredit can be given to the seized cash while computing the liability under therelevant sections?” Having heard Mr. Prasad, learned counsel for the appellant, andgoing through the impugned judgment and order of the learned Tribunal,the only question that arises is how the seized amount in case of searchand seizure should be appropriated. The learned Tribunal has directedthat the seized amount has to be adjusted in terms of Section 132B ofthe Income Tax Act, 1961 and after adjusting the existing liabilities, ifany amount remains, the same has to be adjusted towards theoutstanding tax relating to the assessment completed under Section153A of the Act. We have read Section 132B of the Act and we are ofthe 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. Miscellaneouspetitions, if any, pending in this appeal shall stand dismissed. ___________________ K.J. SENGUPTA, CJ Date: 04.06.2014ES ___________________ SANJAY KUMAR, J