TaxTMI 
TaxTMI 
2021 (10) TMI 1464
X X X X Extracts X X X X
X X X X Extracts X X X X
....of Income Tax Act, 1961 (hereinafter referred to as "the Act") together with interest. 3. Undisputedly the petitioner-Vidit Kumar Agarwal along with one Ram Krishna Agarwal and Deepak Kumar Agarwal was travelling in a car on 03.06.1998, when the police intercepted those persons and amounts Rs. 16,00,000/- (from the petitioner Vidit Kumar Agarwal) Rs. 8,00,000/- (from Ram Krishna Agarwal) and Rs. 8,34,600/- (from Deepak Kumar Agarwal), were detained. That information was passed on to the Income Tax Authorities, who requisitioned the entire money intercepted by the police authorities, under Section 132A of the Act. 4. At the initial stage itself, the present petitioner filed Writ Tax No. 172 of 1999 (Vidit Kumar Agarwal ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... as the "Tribunal"). Vide its order dated 20.01.2005, the Tribunal allowed the appeal and quashed the block assessment order dated 29.06.2000 It disbelieved the case set up by the assessing authority of AOP. Though the aforesaid order of the Tribunal was challenged by the Revenue in further appeal to this Court, filed under Section 260A of the Act, the petitioner's Assessing Authority framed the reassessment order against the petitioner, dated 22.12.2006. However, in view of the fact that the Tribunal had quashed the block assessment order, the CIT (Appeal) set aside the reassessment order dated 22.12.2006. That appellate order was upheld by the Tribunal on 12.10.2012. Also against the order dated 20.01.2005 passed by the Tribunal, this....
X X X X Extracts X X X X
X X X X Extracts X X X X
....seizure of the cash. No other demand is claimed to be existing against the petitioner as may allow the revenue authorities to detain any part of that amount. 10. Keeping in mind the provisions of Section 132 B (4) (b) read with Section 244A (1) (b), the petitioner is further found entitled to interest at the rate of 1 and 1/2 per cent per month from the expiry of 20 days from the last authorization issued against him, arising from the seizure/detention of Rs. 32,34,600/- made by the police authorities, on 03.06.1998. 11. Thus the petitioner would be entitled to a refund of Rs. 16,00,000/- together with interest as above. The interest at that rate would be applied from that start date, up to the date of actual payment made to the....