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| 70 | Voice of CA(4) (a) The Central Government shall pay simple interest at the rate of [onehalfper cent for every month or part of a month] on the amount bywhich the aggregate amount of money seized under section 132or requisitioned under section 132A, as reduced by the amount ofmoney, if any, released under the first proviso to clause (i) of subsection(1), and of the proceeds, if any, of the assets sold towardsthe discharge of the existing liability referred to in clause (i) ofsub-section (1), exceeds the aggregate of the amount required tomeet the liabilities referred to in clause (i) of sub-section (1) of thissection.(b) Such interest shall run from the date immediately following theexpiry of the period of one hundred and twenty days from the dateon which the last of the authorisations for search under section132 or requisition under section 132A was executed to the dateof completion of the assessment [under section 153A or] underChapter XIV-B.Explanation. In this section,(i) block period shall have the meaning assigned to it in clause (a) ofsection 158B;(ii) execution of an authorisation for search or requisition shall have thesame meaning as assigned to it in Explanation 2 to section 158BE.]Explanation regarding application of seized Assets.i) Section 132B(1)(i) provides that seized assets may be first appliedtowards existing liability in any proceedings in Income Tax Act, 1961,Wealth Tax Act, 1957, the Expenditure Act, 1987, the Gift tax Act, 1958and the Interest Tax Act, 1974.Proviso to section Section 132B(1)(i) provides that if an assessee makesan application to the AO for release of assets with in thirty days fromthe end of the month in which the assets were seized, where thenature and source of particular asset is explained to the AO up to hissatisfaction, thereupon the particular asset after settling the existingliability may be released to the assessee on proper approval.Further provided that such asset should be released with in 120 days oflast of Authorization for search u/s 132 or requisition u/s 132A.