TaxTMI 
TaxTMI 
2013 (3) TMI 333
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....ucted at his residential premises in the course of which cash amounting to Rs.8,83,800/- was found. Out of the cash found an amount of Rs.6,33,800/- was seized. The petitioner attempted to explain the source of the cash found in his letters to the income tax authorities. The returns filed on 08.09.2006 for the assessment years 1999-2000 to 2004-05 were accepted and assessments were completed under section 153A of the Act. There was no tax liability pursuant to the assessments. . 3. The petitioner again wrote to the assessing officer reminding him about the application filed earlier and sought release of the cash seized on the ground that it was disclosed to the income tax department. This reminder was rejected by the assessing officer by o....
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.... preferred by the revenue against the order of the Tribunal was dismissed by this Court by order dated 23.05.2011 passed in ITA No.79/2011. 7. It appears that on the very next day i.e. 24.05.2011, the seized amount of Rs.6,33,800/- was released to the petitioner. Thereafter, the petitioner wrote letters to the CIT on various dates from May, 2011 to April, 2012 asking for interest on the seized cash as per law for the inordinate delay in releasing the amount under section 132B(3) of the Act. Since these requests have not borne fruit the petitioner has moved the present writ petition seeking the following reliefs: - "(i) Issue a writ of mandamus or any other writ/ direction or order to grant the interest for inordinate delay in releasing th....
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....ent every month or part thereof on the amount by which the aggregate amount of money seized under section 132, as reduced by the amount of money released to the assessee and the amount of the proceeds, if any, of the assets towards the discharge of the existing liability of the assessee, exceeds the aggregate of the amount required to meet the liabilities of the assessee. The interest shall run from the date immediately following the expiry of the period of 120 days from the date on which the last of the authorisations for the search was executed, to the date of completion of the assessment under section 153A of the Act. This interest is to be paid to the assessee without any demand from him. In the petitioner‟s case, there is no disp....