https://www.taxtmi.com/caselaws?id=259813 The court found the retention of seized assets beyond the assessment period unauthorized, directing their release. The petitioner was entitled to interest on unencashed assets and compensation for loss due to non-renewal. The Revenue was instructed to redetermine interest owed. However, the court upheld the decision denying a refund of interest charged under Section 220(2) of the Income Tax Act, 1961. The court quashed the refusal to pay interest on seized assets, ordering a reassessment within four weeks and partially granting the writ petition. en-us Tue, 28 Apr 2015 00:00:00 +0530 Sat, 13 May 2017 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259813 The court found the retention of seized assets beyond the assessment period unauthorized, directing their release. The petitioner was entitled to interest on unencashed assets and compensation for loss due to non-renewal. The Revenue was instructed to redetermine interest owed. However, the court upheld the decision denying a refund of interest charged under Section 220(2) of the Income Tax Act, 1961. The court quashed the refusal to pay interest on seized assets, ordering a reassessment within four weeks and partially granting the writ petition. Case-Laws Income Tax Tue, 28 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259813