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2012 (4) TMI 393 - HC - Income TaxSearch and seizure - Claim of interest under section 132B(4) - The petitioner claims that an amount of Rs. 1,60,000 seized from him was neither appropriated nor treated as advance tax - Section 244A deals with interest on refunds. - It states that whether the refund of any amount becomes due to the assessee under the Income-tax Act, he is entitled to receive the said amount with simple interest upon it calculated at 1 per cent. for every month or part of months comprised in the period or periods from the date of payment of tax or penalties to the date on which refund is granted - Held that:- respondents are, therefore, liable to pay interest on the above amount of Rs. 1,60,000 from July 5, 1996, till December 2, 1996, as calculated under section 244A(1)(b). - Decided in favor of the assessee
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