https://www.taxtmi.com/caselaws?id=333349 Where an auction sale is set aside for procedural illegality, restitution may require payment of reasonable interest on the purchaser's refunded deposit for the period the money was retained without fault on his part. The Court treated the auction consideration as refundable because the sale could not be sustained and held that fairness warranted compensation for the blocked funds. Simple interest at 9% per annum was directed from the date of deposit until release of the amount, payable by the revenue authority. en-us Fri, 09 Sep 2016 00:00:00 +0530 Wed, 12 Oct 2016 12:54:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333349 Where an auction sale is set aside for procedural illegality, restitution may require payment of reasonable interest on the purchaser's refunded deposit for the period the money was retained without fault on his part. The Court treated the auction consideration as refundable because the sale could not be sustained and held that fairness warranted compensation for the blocked funds. Simple interest at 9% per annum was directed from the date of deposit until release of the amount, payable by the revenue authority. Case-Laws Indian Laws Fri, 09 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333349