https://www.taxtmi.com/caselaws?id=759159 An auction purchaser sought vacant physical possession of a secured asset, delivery of original title deeds, refund of TDS, and interest on the auction deposit. The bank stated that possession proceedings had been initiated under the SARFAESI Act and undertook to secure delivery in accordance with law; the title deeds relief was treated as consequential to possession. On the monetary claim, the bank accepted liability to refund TDS and pay interest on the deposited auction amount, but disputed compound interest. The Court declined compound interest, distinguished the cited precedent on the facts, and held that simple interest at 12% per annum was payable for the relevant period, along with TDS refund. en-us Mon, 02 Sep 2024 00:00:00 +0530 Thu, 26 Sep 2024 08:15:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759159 An auction purchaser sought vacant physical possession of a secured asset, delivery of original title deeds, refund of TDS, and interest on the auction deposit. The bank stated that possession proceedings had been initiated under the SARFAESI Act and undertook to secure delivery in accordance with law; the title deeds relief was treated as consequential to possession. On the monetary claim, the bank accepted liability to refund TDS and pay interest on the deposited auction amount, but disputed compound interest. The Court declined compound interest, distinguished the cited precedent on the facts, and held that simple interest at 12% per annum was payable for the relevant period, along with TDS refund. Case-Laws Indian Laws Mon, 02 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759159