https://www.taxtmi.com/article/detailed?id=5202 Section 132B requires return of surplus seized assets after liabilities are discharged and prescribes simple interest from the day after the 120 day period following the last search authorization until completion of assessment under Section 153A, payable without demand. In the case described, assessments resulted in no tax liability but the seized cash was released only after extended litigation; the High Court held the assessee entitled to interest for the period between assessment completion and actual release, and directed payment of interest at a commercial yearly rate for that period. en-us Mon, 22 Jul 2013 09:56:57 +0530 Mon, 22 Jul 2013 09:56:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5202 Section 132B requires return of surplus seized assets after liabilities are discharged and prescribes simple interest from the day after the 120 day period following the last search authorization until completion of assessment under Section 153A, payable without demand. In the case described, assessments resulted in no tax liability but the seized cash was released only after extended litigation; the High Court held the assessee entitled to interest for the period between assessment completion and actual release, and directed payment of interest at a commercial yearly rate for that period. Articles Income Tax Mon, 22 Jul 2013 09:56:57 +0530 https://www.taxtmi.com/article/detailed?id=5202