Itxa/717/2013 Of The Commissioner Of Income Tax - 14 v. M/S.bombay Beads Centre

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L)NO. 1150 OF 2012 The Commissioner of Income-Tax, 14, Mumbai..Appellant.V/s.M/s. Bombay Beads Centre..Respondent. Mr. P. C. Chhotaray, for the Appellant.Mr. R. Murlidhar with Mr. A.K. Jasani, for the Respondent. P.C:- CORAM: J.P.DEVADHAR & M.S.SANKLECHA,JJ.DATE : 11[th] JANUARY, 2013. In this Appeal, the revenue has raised the following question of law:- “Whether on the facts and the circumstances of the case and in law, the Hon'ble ITAT erred in directing the AO that the seized cash of Rs.90,31,000/- be treated as advance tax and assessee be given credit thereof calculating the tax and interest liability specially when this amount has not been paid as advance tax within the provision of Income Tax Act,1961.?” 2We find that the above issue had come up for consideration before this Court in Income Tax Appeal No.3741 of 2010 in the matter of Commissioner of Income Tax-Central-1 v/s. Shri Jyotindra B. Mody and by order dated 21[st] September, 2011, this Court has held that seized cash could be adjusted against advance tax liability while calculating the interest under the Income Tax Act, 1961. 3In view of the decision of this Court in the matter of Jyotindra Modi (supra), the question raised in this Appeal need not be entertained. 4Accordingly, appeal is dismissed with no order as to costs. (M.S.SANKLECHA,J.) (J.P.DEVADHAR,J.)