Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (4) TMI 766 - MADRAS HIGH COURTRefund Claim - Search - Interest on the excess amount seized in the search - A search conducted in the petitioner's residential/business premises - It was kept in the Commissioner's Personal Deposit Account for being adjusted towards the tax liability of the petitioner - The block assessment for the period 1989-90 to 1999-2000 was completed on 22.12.2000 - The tax liability was adjusted from and out of the monies seized from the petitioner - The balance was refunded to the petitioner - The petitioner prayed for interest vide his representation invoking the provision u/s 132B of the Income Tax Act. The petitioner is not entitled to any interest on the excess amount seized in the search conducted under section 132 of the Income Tax Act, as the search was made well beyond the cut off date referred to under section 132(5) of the Act - The respondent has rightly rejected the plea for interest made by the petitioner -While passing the impugned order, the respondent has rightly applied the relevant provisions of law and dismissed the plea for interest on the amount seized in the search conducted and refunded after assessment was made - Therefore, the writ petition stands dismissed.
|