(4)(a)The Central Government shall pay simple interest at the rate of ] [Substituted by Act 20 of 2002, Section 57, for Section 132-B (w.e.f. 1.6.2002).][one half per cent. for every month or part of a month] [ Substituted by Act 22 of 2007, Section 43, for " six per cent. per annum" (w.e.f. 1.4.2008).] [on the amount by which the aggregate amount of money seized under section 132 or requisitioned under section 132-A, as reduced by the amount of money, if any, released under the first proviso to clause (i) of sub-section (1), and of the proceeds, if any, of the assets sold towards the discharge of the existing liability referred to in clause (i) of sub-section (1), exceeds the aggregate of the amount required to meet the liabilities referred to in clause (i) of sub-section (1) of this section.(b)Such interest shall run from the date immediately following the expiry of the period of one hundred and twenty days from the date on which the last of the authorisations for search under section 132 or requisition under section 132-A was executed to the date of completion of the assessment ] [or reassessment or recomputation][under section 153-A or under Chapter XIV-B] [ Substituted by Act 32 of 2003, Section 60, for " under Chapter XIV-B" (w.e.f. 1.6.2003).].[Explanation. - In this section,-(i)"block period" shall have the meaning assigned to it in clause (a) of section 158-B;(ii)"execution of an authorisation for search or requisition" shall have the same meaning as assigned to it in Explanation 2 to section 158-BE.]Explanation 2.—For the removal of doubts, it is hereby declared that the "existing liability" does not include advance tax payable in accordance with the provisions of Part C of Chapter XVII.
