Allowability of Interest on refundable tax after giving effect to the order of Settlement Commission and order under Section 132(5) of the Income Tax Act

Vishwanath Khanna Vs. UOI & Others (Delhi High Court) – The Assistant Commissioner of Income Tax, Investigation Circle (20)(1), New Delhi passed order under Section 132(5) of the Income Tax Act dated 02.06.1995 declaring that cash found during search as unexplained and hence, cash seized of Rs. 49,86,500/- was retained and not released. Subsequently, vide another order under Section 132(5) dated 19.06.2005, various disputed additions were made and tax and penalty @200% were raised. Therefore, entire silver seized valuing Rs. 4,44,66,395/- was retained and not released. We may mention...