Section 132B: Implications Of Seized Cash Not Being Treated As Advance Tax

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S. 132B: Implications Of Seized Cash Not Being Treated As Advance Tax

S. 132B was amended by the Finance Act 2013 to provide that the cash seized during a search cannot be adjusted against the liability to pay advance-tax. The authors argue that the said provision, apart from being harsh on the assessees is ill-thought of because it will discourage voluntary disclosure of unaccounted income. They also explain the other implications of the said provision

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Editor,

 

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