https://www.taxtmi.com/caselaws?id=755898 Interest was payable on confiscated funds later refunded, because section 42(3) of the Foreign Exchange Regulation Act, 1973 contemplated payment to the entitled person with interest from the date the instrument came into custody until payment. Applying restitution, the Court held that retention of the amount by the department for a long period, followed by refund after confiscation was set aside, did not extinguish the petitioner's right to interest. Silence in the appellate order and reliance on section 34 CPC were rejected as no basis to deny the statutory and equitable claim. The respondents were directed to pay interest from confiscation to refund at the prevailing bank rate. en-us Thu, 11 Jul 2024 00:00:00 +0530 Mon, 22 Jul 2024 20:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755898 Interest was payable on confiscated funds later refunded, because section 42(3) of the Foreign Exchange Regulation Act, 1973 contemplated payment to the entitled person with interest from the date the instrument came into custody until payment. Applying restitution, the Court held that retention of the amount by the department for a long period, followed by refund after confiscation was set aside, did not extinguish the petitioner's right to interest. Silence in the appellate order and reliance on section 34 CPC were rejected as no basis to deny the statutory and equitable claim. The respondents were directed to pay interest from confiscation to refund at the prevailing bank rate. Case-Laws FEMA Thu, 11 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755898