https://www.taxtmi.com/caselaws?id=794165 Section 132B of the Income-tax Act provides for simple interest on refunded seized cash after expiry of 120 days from the last authorisation, and the interest runs until completion of assessment, reassessment, or recomputation. Where no assessment is undertaken, the objection that no interest is payable is not sustained. Pendency of a vigilance reference does not, by itself, justify withholding interest on the refunded amount. The text also notes that, where refund is delayed in the absence of assessment, extraordinary jurisdiction under Article 226 may be invoked to grant compensatory interest, including further interest for non-payment within the time granted. en-us Tue, 23 Jun 2026 00:00:00 +0530 Wed, 01 Jul 2026 08:47:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794165 Section 132B of the Income-tax Act provides for simple interest on refunded seized cash after expiry of 120 days from the last authorisation, and the interest runs until completion of assessment, reassessment, or recomputation. Where no assessment is undertaken, the objection that no interest is payable is not sustained. Pendency of a vigilance reference does not, by itself, justify withholding interest on the refunded amount. The text also notes that, where refund is delayed in the absence of assessment, extraordinary jurisdiction under Article 226 may be invoked to grant compensatory interest, including further interest for non-payment within the time granted. Case-Laws Income Tax Tue, 23 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794165