https://www.taxtmi.com/caselaws?id=23143 The court held that the petitioner is entitled to interest under section 132B(4) of the Income-tax Act, 1961, on the amount retained by the Income-tax Officer after seizure, as it was found not liable to be taxed. The court directed the Central Government to pay simple interest at the prescribed rate on the excess amount retained. However, the petitioner was not entitled to interest under section 244(1A) on the amount retained and later refunded. The matter was remanded to the Commissioner for further proceedings in accordance with the court's decision. en-us Thu, 09 Aug 1990 00:00:00 +0530 Thu, 17 Dec 2009 10:49:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23143 The court held that the petitioner is entitled to interest under section 132B(4) of the Income-tax Act, 1961, on the amount retained by the Income-tax Officer after seizure, as it was found not liable to be taxed. The court directed the Central Government to pay simple interest at the prescribed rate on the excess amount retained. However, the petitioner was not entitled to interest under section 244(1A) on the amount retained and later refunded. The matter was remanded to the Commissioner for further proceedings in accordance with the court's decision. Case-Laws Income Tax Thu, 09 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23143