https://www.taxtmi.com/caselaws?id=253589 The High Court held that the assessee should not be liable for interest under specific sections of the Income Tax Act up to a certain date. The Court clarified that the seized money retained by the Revenue was meant to be adjusted against the assessed liability determined through assessment or reassessment orders. Any excess amount retained by the Revenue would require the Central Government to pay interest. The Court's decision addressed the interpretation of liability for interest under the Income Tax Act concerning the retention of seized funds by the Revenue. en-us Fri, 02 Nov 2012 00:00:00 +0530 Fri, 28 Nov 2014 18:22:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253589 The High Court held that the assessee should not be liable for interest under specific sections of the Income Tax Act up to a certain date. The Court clarified that the seized money retained by the Revenue was meant to be adjusted against the assessed liability determined through assessment or reassessment orders. Any excess amount retained by the Revenue would require the Central Government to pay interest. The Court's decision addressed the interpretation of liability for interest under the Income Tax Act concerning the retention of seized funds by the Revenue. Case-Laws Income Tax Fri, 02 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253589