2001 (2) TMI 99

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....ndia, claims the following relief : "A writ, direction or order in the nature of mandamus be issued to the respondents to compel the respondents to pay interest of Rs. 2,55,320 as shown in para. 11(ii) above together with interest thereon from October 21, 1992, up to the date of the actual payment." The aforesaid relief is claimed on the strength of section 244A(1)(b) of the Income-tax Act, ....

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....244A(1)(b) of the Act. The Revenue has denied the claim of the petitioner under section 244A(1)(b). According to the Revenue, the petitioner was entitled to interest under section 132B and the same was paid. Heard Shri B. A. Chitale, learned counsel for the petitioner. Shri Arun Patnakar, learned counsel for the respondents. Having heard learned counsel for the parties and having perused ....

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....oner to make out a case falling within the mischief of section 132B(4)(a) and (b) then alone the petitioner can claim interest on the assets retained and refunded late. In my opinion, reliance placed on section 244A(1)(b) by learned counsel for the petitioner for claiming interest on the seized assets under section 132 is misplaced. As observed supra section 244A has no application while dealin....