[aaykarbhavan] SC: Revenue to disburse interest at 15% if sum seized during search exceeds sum required to meet tax liability

IT: Where amount retained under section 132 exceeds amounts required to meet liability under section 132B(1)(i), revenue is liable to pay simple interest at rate of fifteen per cent on expiry of six months from date of order passed under section 132(5) to date of regular assessment or re-assessment, as the case may be

 

Regards

Prarthana Jalan

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