Section 132B(4)(a) in The Income Tax Act, 1961

[Cites 0, Cited by 15] [Section 132B(4)] [Section 132B] [Entire Act]

Union of India - Subsection

Section 132B(4)(a) in The Income Tax Act, 1961

(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.

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Union of India - Subsection

Section 132B(4)(a) in The Income Tax Act, 1961