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Survey, Search & Seizure | 71 |ii) Section 132B(1)(ii) further provides that if such assets consists ofmoney or partly of money and partly of other assets, such money maybe applied in the discharge of the liabilities as reffered above.iii) Section 132 (1)(iii) provides that the assets other than money may beapplied for discharging the liabilities as referred above.(iv) Section 132B(3) provides that remaining assets after meeting theaforesaid liabilities shall be returned to the person from whom custodysuch assets were seized.(v) Section 132(4)(A) provides that , interest shall be paid to the assesseeat the rate of 1 ½% p.m. or part thereof on the aggregate sum of a)the money seized u/s 132 or requisition u/s 132A as reduced by theamount of money if any released , and, b) the proceeds of assets soldtowards the discharge of existing liability in sec 132B(1)(i) exceeds theaggregate amount required to meet the liabilities referred to in clause132A(1)(i) .Such the interest shall be payable from the expiry of the period of 120 daysfrom the execution of the last of the authorizations for search till the date ofcompletion of assessment under section 153A or block assessment.Gems of judiciary1. Mohit Singh V. Assistant Commissioner Of Income-Tax [2012] 20Taxmann.Com 745 (delhi).Where no additional tax liability was found against assessee either inblock assessment completed for relevant period or in assessment madefor following assessment year, amount seized during search conductedagainst assessee was to be refunded to him along with interest from dateblock assessment order was passed till date of paymentwww.taxguru.in