Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2007 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2007 (10) TMI 291 - DELHI HIGH COURTSearch and Seizure – Payment of Interest on delayed release of money u/s 132B(4) – search was conducted in October 1971 – tax liability was assessed in May 1979 – assessee claimed compensation as interest – search was conducted at Delhi and goods were seized at Delhi but assessed at Mumbai – Claim of Interest filed at Mumbai – Held that there is no explanation forthcoming for this delay of almost 11 years and under these circumstances, it shows that the Petitioners were not serious in making the claim. Further no worthwhile explanation given by the Petitioners for demanding interest from the Income Tax Authorities in Bombay rather than in Delhi when the search and seizure operation was orchestrated from Delhi and the silver bars were seized in Delhi – Interest is not payable.
|