https://www.taxtmi.com/caselaws?id=759112 Bombay HC quashed revenue department's order granting 6% interest on refund of seized cash that was deposited in fixed deposits earning higher returns. The court rejected petitioner's claim for 18% interest but held that petitioner was entitled to excess interest earned above 6% on fixed deposits, amounting to Rs. 90,07,829/-. The court applied trust principles, ruling that revenue authorities cannot enrich themselves when holding seized funds in trust and must account for actual earnings. The department was directed to investigate accountability for non-renewal of fixed deposits and take appropriate action against negligent officials. en-us Fri, 20 Sep 2024 00:00:00 +0530 Wed, 25 Sep 2024 08:01:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759112 Bombay HC quashed revenue department's order granting 6% interest on refund of seized cash that was deposited in fixed deposits earning higher returns. The court rejected petitioner's claim for 18% interest but held that petitioner was entitled to excess interest earned above 6% on fixed deposits, amounting to Rs. 90,07,829/-. The court applied trust principles, ruling that revenue authorities cannot enrich themselves when holding seized funds in trust and must account for actual earnings. The department was directed to investigate accountability for non-renewal of fixed deposits and take appropriate action against negligent officials. Case-Laws Central Excise Fri, 20 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759112