https://www.taxtmi.com/caselaws?id=12472 The court examined whether interest was payable on amounts kept in deposit with Revenue authorities without appropriation towards tax liabilities. It was clarified that interest under the Income-tax Act is only payable in specific situations, such as refunds or penalties, and not on security deposits. The court held that the amount retained by the Income-tax Department as security deposit did not attract interest until appropriated towards tax liabilities, dismissing the appellant's argument for interest on excess amounts held in deposit. The judgment affirmed that no interest was payable on the deposit for the specified period. en-us Thu, 13 Jun 2002 00:00:00 +0530 Thu, 25 Feb 2010 15:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12472 The court examined whether interest was payable on amounts kept in deposit with Revenue authorities without appropriation towards tax liabilities. It was clarified that interest under the Income-tax Act is only payable in specific situations, such as refunds or penalties, and not on security deposits. The court held that the amount retained by the Income-tax Department as security deposit did not attract interest until appropriated towards tax liabilities, dismissing the appellant's argument for interest on excess amounts held in deposit. The judgment affirmed that no interest was payable on the deposit for the specified period. Case-Laws Income Tax Thu, 13 Jun 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12472