No interest liability against ED u/s 42(3) towards seizing of travellers cheques

Sulaihar Vs Deputy Director, Enforcement Directorate (Madras High Court) Conclusion: Since the petition against Enforcement Directorate towards claiming of interest under section 42(3) of FERA towards seized travellers cheques was filed more than 9 years after receiving the rupee equivalent of UK Pounds 1800 without providing of any reasonable explanation for the delay, therefore, the same was liable to be rejected solely on the ground of laches. Held: Travellers cheques for a total of UK pounds 2000 were seized from assessee’s house by the officers of the Enforcement Directorate. The co...