6% interest allowed on wrongful withholding of amount by Income Tax authority

Sanjeevkumar S/o Biharilal Kabra Vs Union of India (Bombay High Court) Facts- On 31.10.2017 a search was conducted at the residence of petitioner nos.1 to 4 under Section 132 of the Income Tax Act, 1961 and amount of Rs.48,00,000/- alongwith gold jewellery were seized by the respondents. On 01.11.2017 a panchanama regarding seizure of cash had been made as per Section 132(B) of the Act, 1961. On 29.11.2017 the petitioners filed their explanation explaining the source of the said cash and jewellery. The petitioners applied for release of the assets on 29.11.2017 as per proviso to Section 132(B)...