https://www.taxtmi.com/caselaws?id=67510 The case involved appeals by the department against the orders of the ld. Dy. CIT(Appeals) regarding the allowance of interest on seized cash refund. The Assessing Officer denied the claim for interest on the refund, but the Ld. Dy. CIT(A) upheld the claim for interest from the date of seizure. The tribunal rejected the department's contention that interest is not payable if the liability determined exceeds the assets retained, emphasizing that the assessee should be entitled to interest on the excess amount. Ultimately, all appeals were dismissed, affirming the assessee's entitlement to interest on the seized cash refund. en-us Thu, 01 Dec 1994 00:00:00 +0530 Fri, 11 Mar 2011 10:24:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67510 The case involved appeals by the department against the orders of the ld. Dy. CIT(Appeals) regarding the allowance of interest on seized cash refund. The Assessing Officer denied the claim for interest on the refund, but the Ld. Dy. CIT(A) upheld the claim for interest from the date of seizure. The tribunal rejected the department's contention that interest is not payable if the liability determined exceeds the assets retained, emphasizing that the assessee should be entitled to interest on the excess amount. Ultimately, all appeals were dismissed, affirming the assessee's entitlement to interest on the seized cash refund. Case-Laws Income Tax Thu, 01 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67510