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2013 (3) TMI 333 - DELHI HIGH COURTInterest on delay in releasing the cash seized treating as unexplained cash - Tribunal held that the cash found from the possession of the assessee actually belonged to M/s. S. K. Industries Pvt. Ltd. & not unexplained thus resulted in a nil tax demand - Held that:- As decided in G.L. Jain v. CIT & Ors., [2012 (9) TMI 93 - DELHI HIGH COURT] relying on Sandvik Asia Ltd. v. CIT & Ors. (2006 (1) TMI 55 - SUPREME COURT) and the judgment of Ajay Gupta v. CIT (2007 (4) TMI 42 - HIGH COURT, NEW DELHI) directed that it would be reasonable and equitable to order interest to be paid at the rate of 12% on the cash seized paid from the day next following the day on which the assessment was completed till the amount was actually released to the petitioner, in respect of the period beyond the date on which the assessment was completed. Thus the petitioner is entitled to be paid interest @ 12% in respect of the amount of Rs.6,33,800/- for the period from 27.12.2006 to 24.05.2011 and a writ of mandamus directing the payment of the interest is accordingly issued.
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