https://www.taxtmi.com/caselaws?id=14983 The court held that the Income-tax Department erred in law by delaying the refund of a seized draft and should have released the amount immediately upon cancellation of the demand. The court referred to relevant sections of the Income-tax Act, emphasizing the petitioner's entitlement to interest from the date of seizure to the refund date. The court allowed the writ petition, directing the Department to pay the petitioner interest at a rate of 15% per annum as per the Act's provisions, highlighting the Department's liability for the delayed refund and the petitioner's right to interest. en-us Fri, 16 Oct 1998 00:00:00 +0530 Mon, 27 Jul 2009 14:03:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14983 The court held that the Income-tax Department erred in law by delaying the refund of a seized draft and should have released the amount immediately upon cancellation of the demand. The court referred to relevant sections of the Income-tax Act, emphasizing the petitioner's entitlement to interest from the date of seizure to the refund date. The court allowed the writ petition, directing the Department to pay the petitioner interest at a rate of 15% per annum as per the Act's provisions, highlighting the Department's liability for the delayed refund and the petitioner's right to interest. Case-Laws Income Tax Fri, 16 Oct 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14983