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2014 (11) TMI 1140 - HC - FEMAInterest on refund - grievance of the petitioner is that although the amount has been refunded to the petitioner, he has not received interest on the demand drafts for a sum of ₹ 1.70 crores, which were seized by respondent No.1 on 19.05.2001 - Held that:- In the event income tax has been deducted at source in respect of interest on a sum of ₹ 1.70 crores, it is obvious that the interest would have been credited to the account of the petitioner. In the circumstances, the petitioner would, indisputably, be entitled to interest on the amount refunded. The amount that was seized from the petitioner has since been returned and, undisputedly, the respondents cannot profit from seizure of the amount in question. Mr Sanjay Jain, learned Additional Solicitor General who appears for respondent No.1 states that in the event any interest was earned and/or had accrued on the amount of ₹ 1.70 crores which was seized, the same would be paid to the petitioner.
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