https://www.taxtmi.com/caselaws?id=205855 The court quashed the Chief Commissioner's orders and granted the petitioners a waiver of interest under Section 220(2A) of the Income Tax Act, amounting to Rs. 2,25,000. Additionally, the court directed the immediate return of the seized jewellery valued at Rs. 4,49,255, imposing a penalty of Rs. 10,000 per month for any delays in returning the assets. The judgment emphasized the need for tax authorities to provide reasoned decisions and timely action in such matters. en-us Fri, 09 Sep 2011 00:00:00 +0530 Mon, 26 Sep 2011 21:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205855 The court quashed the Chief Commissioner's orders and granted the petitioners a waiver of interest under Section 220(2A) of the Income Tax Act, amounting to Rs. 2,25,000. Additionally, the court directed the immediate return of the seized jewellery valued at Rs. 4,49,255, imposing a penalty of Rs. 10,000 per month for any delays in returning the assets. The judgment emphasized the need for tax authorities to provide reasoned decisions and timely action in such matters. Case-Laws Income Tax Fri, 09 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205855