https://www.taxtmi.com/caselaws?id=23176 A third party whose seized money was later found not to belong to the assessee had no enforceable right to compensatory interest on refund, because the Income-tax Act, 1961 contains no express provision for such interest in the statutory scheme governing search, seizure, retention and release. The provisions on interest for tax defaults and refunds were confined to specified statutory situations and did not extend to third-party claims. Common law and equity also did not supply an independent entitlement, and section 4(1) of the Interest Act, 1978 preserved only existing rights rather than creating a new one. The claim for interest was therefore not maintainable. en-us Thu, 21 Jun 1990 00:00:00 +0530 Thu, 17 Dec 2009 12:26:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23176 A third party whose seized money was later found not to belong to the assessee had no enforceable right to compensatory interest on refund, because the Income-tax Act, 1961 contains no express provision for such interest in the statutory scheme governing search, seizure, retention and release. The provisions on interest for tax defaults and refunds were confined to specified statutory situations and did not extend to third-party claims. Common law and equity also did not supply an independent entitlement, and section 4(1) of the Interest Act, 1978 preserved only existing rights rather than creating a new one. The claim for interest was therefore not maintainable. Case-Laws Income Tax Thu, 21 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23176