https://www.taxtmi.com/caselaws?id=461861 The HC ruled that petitioner was entitled to refund of Rs. 16,00,000/- seized by police under Income Tax Act provisions, along with interest at 1.5% per month from 120 days after last authorization. Two other individuals were similarly entitled to refunds of Rs. 8,00,000/- and Rs. 8,34,600/- respectively. The court applied Section 132B(4)(b) read with Section 244A(1)(b) for interest calculation from seizure date until actual payment. No additional costs or compensation were awarded as the Tribunal had already quashed the entire assessment proceedings without permitting revenue authorities to conduct regular reassessment. en-us Wed, 06 Oct 2021 00:00:00 +0530 Sat, 03 May 2025 10:27:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461861 The HC ruled that petitioner was entitled to refund of Rs. 16,00,000/- seized by police under Income Tax Act provisions, along with interest at 1.5% per month from 120 days after last authorization. Two other individuals were similarly entitled to refunds of Rs. 8,00,000/- and Rs. 8,34,600/- respectively. The court applied Section 132B(4)(b) read with Section 244A(1)(b) for interest calculation from seizure date until actual payment. No additional costs or compensation were awarded as the Tribunal had already quashed the entire assessment proceedings without permitting revenue authorities to conduct regular reassessment. Case-Laws Income Tax Wed, 06 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461861