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TMI Blog2013 (12) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 deals with post assessment period as per the order in appeal - Decided in favour of assessee. - Civil Appeal No. 10601 of 2013 [Arising Out of S.L.P. (C) No. 20381of 2012] - - - Dated:- 26-11-2013 - R. M. Lodha, Madan B. Lokur And Kurian Joseph,JJ. JUDGMENT R. M. Lodha,J. Leave granted. 2. The brief facts necessary for consideration of the issue raised in the appeal are these: In the search conducted in the house of the appellant on 31.1.1990, a cash amount of Rs. 2,35,000/- was recovered. On 31.5.1990, an order under Section 132(5) of the Income Tax Act, 1961 (for short the Act ) came to be passed. The Assessing Officer calculated the tax liability and the cash seized in the search from the appellant's house was appropr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the person concerned of being heard and making such enquiry as may be prescribed, shall, within one hundred and twenty days of the seizure, make an order, with the previous approval of the Joint Commissioner)- (i) estimating the undisclosed income (including the income from the undisclosed property) in a summary manner to the best of his judgment on the basis of such materials as are available with him; (ii) calculating the amount of tax on the income so estimated in accordance with the provisions of the Income Income- Tax Act, 1922 (11 of 1922), or this Act; (iia) determining the amount of interest payable and the amount of penalty imposable in accordance with the provisions of the Indian Income-Tax Act, 1922 (11 of 1922), or this Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances of the case. 5. Section 132B deals with the payment of interest on delayed assessment. Omitting the unnecessary part, the relevant provisions of Section 132B(4)(a) and(b) of the Act read as under: 132B: Application of retained assets........ (4)(a) The Central Government shall pay simple interest at the rate of fifteen per cent per annum on the amount by which the aggregate of money retained under Section 132 and of the proceeds, if any, of the assets sold towards the discharge of the existing liability referred to in clause 3 of subsection (5) of that section exceeds the aggregate of the amounts required to meet the liability referred to in clause (i) of sub-- section (1) of this section. (b) Such interest shall run fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 132B(4)(b), according to Mr. Arijit Prasad, learned counsel for the revenue on the ground that the refund of excess amount is governed by Section 240 of the Act and Section 132B(4)(b) of the Act has no application. But, in our view, Section 132B(4)(b) deals with pre-assessment period and there is no conflict between this provision and Section 240 or for that matter 244(A). The former deals with preassessment period in the matters of search and seizure and the later deals with post assessment period as per the order in appeal. 7. The view of the department is not right on the plain reading of Section 132B(4)(b) of the Act as indicated above. 8. We, accordingly, allow the appeal and setaside the impugned order and hold that the appella ..... X X X X Extracts X X X X X X X X Extracts X X X X
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