JUDGMENT

R. D. Dhanuka, J. - Rule. Rule is made returnable forthwith. Mr. Gaikwad, learned a.S.G. for respondent no.1 waives notice. Mr. Sharma, learned standing counsel for respondent nos.2 to 10 waives notice.

2. By this petition filed under article 226 of the Constitution of India, the petitioners seek order and directions against respondent no.3 to release the remaining cash amount of Rs.24,29,000/-as shown in the order dated 17.11.2020 passed by respondent no.3. The petitioners also seek order and direction to pay the interest at the rate of 6% p.a. from 03.03.2018 to 23.12.2019 with compensatory interest at the rate of 12% p.a. from 24.12.2019 till 01.12.2020 on the amount of cash released of Rs.14,36,000/- by order dated 17.11.2020 passed by respondent no.3.

3. The petitioners seek an order and direction against respondents to pay interest at the rate of 12% p.a. from 01.11.2017 to 01.12.2020 on cash amount of Rs.9,35,000/- and interest at the rate of 12% p.a. from 01.11.2017 till its final realization of the amount of Rs.24,29,000/-.

4. On 31.10.2017 a search was conducted at the residence of petitioner nos.1 to 4 under Section 132 of the Income Tax act, 1961 (hereinafter referred to as 'act, 1961') and amount of Rs.48,00,000/- alongwith gold jewellery were seized by the respondents. On 01.11.2017 a panchanama regarding seizure of cash had been made as per Section 132(B) of the act, 1961. On 29.11.2017 the petitioners filed their explanation explaining the source of the said cash and jewellery. The petitioners applied for release of the assets on 29.11.2017 as per proviso to Section 132(B)(1)(i) of the act, 1961.

5. On 23.12.2019 and 26.12.2019, the respondents accepted the return of income filed by the petitioners for passing an assessment order under Section 143(3) of the act, 1961 in the case of petitioner nos.1 to 4 and 10 and assessed the income at Rs.nil.

6. Between 07.02.2020 to 03.09.2020 the petitioners requested respondents to release the seized cash of Rs.48,00,000/-. On 17.11.2021, the respondent no.3 partly released the cash of Rs.23,71,000/- without there being payment of any statutory interest as per Section 132(B)(4)(a & b) of the act, 1961. It is the case of the petitioners that, remaining amount of Rs.24,29,000/- was retained by respondents unlawfully.

7. On 26.02.2021, the petitioners filed this petition inter alia praying for various reliefs. During the pendency of this petition, respondents partly released cash amount of Rs.23,71,000/-.

8. Mr. Chandak, learned counsel for petitioners invited our attention to the various documents annexed to the petition and also the assessment order referred to above and would submit that, as per Section 132(B)(4)(a & b) of the act, 1961, the petitioners are entitled for payment of interest as 120 days had already expired on 02.03.2018. He submits that, respondents are liable to pay interest at the rate of 6% p.a., which shall run from the date immediately following the expiry of the period of 120 days from the date on which the last of the authorizations for search was executed to the date of completion of the assessment under Section 153-a or under Chapter XIV-B of the act, 1961.

9. It is submitted that, since the authority has not passed assessment order under Section 153-a or under Chapter XIV-B of the act, 1961, the respondents could not have retained the cash amount of the petitioners at all. It is submitted by the learned counsel for the petitioners that, there is no provision in the Income Tax act regarding the payment of interest as well as compensatory interest after the passing of the assessment order dated 23.12.2019 and 26.12.2019. The respondents, however, cannot deliberately delay the payment of the amount due and payable with interest from the date of the assessment order on the ground that there is no provision for payment of interest after the date of passing of the assessment order.

10. Learned counsel for the petitioners relied upon the chart tendered acr