https://www.taxtmi.com/caselaws?id=347370 The court allowed the writ petition, directing the respondent to refund the withheld interest and pay interest on the due amount at 6% per annum from the date it was payable. The court emphasized that the petitioner was entitled to the interest accrued on the seized amount, including the interest earned on the fixed deposit. It held that the delay in refunding the seized amount should not result in profit through interest earned and that interest serves as compensation for the denial of fund utilization. The court's decision aligned with legal precedents and provided directions for interest payment in favor of the petitioner. en-us Thu, 24 Aug 2017 00:00:00 +0530 Mon, 04 Sep 2017 08:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347370 The court allowed the writ petition, directing the respondent to refund the withheld interest and pay interest on the due amount at 6% per annum from the date it was payable. The court emphasized that the petitioner was entitled to the interest accrued on the seized amount, including the interest earned on the fixed deposit. It held that the delay in refunding the seized amount should not result in profit through interest earned and that interest serves as compensation for the denial of fund utilization. The court's decision aligned with legal precedents and provided directions for interest payment in favor of the petitioner. Case-Laws FEMA Thu, 24 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347370