JUDGMENT Akil Kureshi, J. - At the request of the parties, the Petition is taken up fo final disposal at the stage of admission. 2. This Petition under Article 226 of the Constitution of India, seeks following reliefs: (i) set aside the order dated 28th June, 2018 of Respondent No.1 (Assessing Officer), rejecting the claim for interest on Rs. 35 lakhs seized on 9th October, 2014 for the period 1st February, 2015 to 6th March, 2018; (ii) direct the Respondent No.1 to grant interest on Rs. 35 lakhs seized on 9th October, 2014 for the period 5th February, 2015 to 30th June, 2017; and (iii) direct the Respondent No.1 to grant interest on R.31.50 lakhs i.e. the balance remaining out of Rs. 35 lakhs after adjustment of Rs. 3.50 lakhs as penalty for the period 1st July, 2017 to 6th March, 2018. 3. Briefly, the fact leading to this Petition are as under:( (i) On 9th October, 2014 a search under Section 132 of the Income Tax Act, 1961 (the Act) was conducted in the office premises of the Petitioner. During the course of the search, cash of Rs. 35 lakhs was seized as recorded in the panchnama dated 9th October, 2014; (ii) On 31st March, 2015, the Petitioner by a communication addressed to Respondent No.1 sought release of cash of Rs. 35 lakhs seized. This release was sought from the Respondent after adjusting tax liability due on the same. However, to no avail. (iii) On 22nd September, 2015, the Petitioner filed its return of income for Assessment Year 2015-16, declaring a total income of R.39.15 lakhs. This also included the cash of Rs. 35 lakhs seized during course of the search. In its computation of income, the Petitioner showed seized cash of Rs. 35 lakhs as advance tax and claimed a refund of Rs. 27.50 lakhs; (iv) On 16th December, 2016, Respondent No.1 passed an assessment order for the Assessment Year 2015-16 under Section 143(3) of the Act. In the above order, Respondent No.1 observed that the cash of Rs. 35 lakhs seized on 9th October, 2014 was included in the total income of the Petitioner. However, the amount of Rs. 35 lakhs which was shown as advance tax was not accepted and an independent demand of Rs. 9.18 lakhs was raised on the Petitioner under Section 156 of the Act. This demand of Rs. 35 lakhs seized on 9th October, 2014 was included in the total income of the Petitioner. However, the amount of Rs. 35 lakhs which was shown as advance tax was not accepted and an independent demand of Rs. 9.18 lakhs was raised on the Petitioner under Section 156 of the Act. This demand of Rs. 9.18 lakhs included the interest under Section 234 (B) & 234 (C) of the Act (no credit of Rs. 35 lakhs given). (v) On 19th January, 2017, the Petitioner complied with the order dated 16th December, 2016 of the Assessing Officer paid the entire demand of Rs. 9.18 lakhs for the Assessment Year 2015-16 to the Revenue; (vi) Thereafter, Petitioner on 15th February, 2017, 4th April, 2017 and 1st May, 2017 by communication addressed to the Respondent No.1, sought to refund Rs. 35 being on the cash seized along with interest thereon. However, there was no response by the Respondents to the above requisition made by the Petitioner; (vii) On 31st May, 2017, Respondent No.1 passed an order, imposing penalty of Rs. 3.50 lakhs (being 10% of the undisclosed income of Rs. 35 lakhs) under Section 271(AAB) of the Act. This penalty was imposed in respect of the Assessment Year 2015-16. In terms of the above order, the penalty was payable within 30 days i.e. on or before 30th June, 2017. (viii) In response, Petitioner addressed a communication to Respondent No.1, requesting it to set off the penalty, amount of Rs. 3.50 lakhs, out of the available seized cash of Rs. 35 lakhs. This, the Respondent accepted and on 5th March, 2018, the Commissioner of Income Tax being Respondent No.2 has passed an order under Section 132 (B) (3) of the Act, directing refund /release of the balance amount of Rs. 31.50 lakhs (after adjustment of penalty)from the seized cash of Rs. 35 lakhs to the petitioner. On 7th March, 2018, the amount of Rs. 31.50 lakhs was released / refunded to the Petitioner. However, this release / refund was without payment of any interest. (ix) Therefore, on 4th April, 2018, the Petitioner addressed a communication to Respondent No.1 Assessing Officer, demanding interest on the cash seized and retained by the Revenue under Section 132(B)(4) read with Section 244A of the Act. 31.50 lakhs was released / refunded to the Petitioner. However, this release / refund was without payment of any interest. (ix) Therefore, on 4th April, 2018, the Petitioner addressed a communication to Respondent No.1 Assessing Officer, demanding interest on the cash seized and retained by the Revenue under Section 132(B)(4) read with Section 244A of the Act. (x) The aforesaid request was disposed of by the impugned order dated 28th June, 2018 by the Respondent No.1, rejecting the demand of interest on the ground that, as the assessment for the Assessment Year 2015-16 was not done under Section 153(A) of the Act but under Section 143(3) of the Act, interest under Section 132 (B) of the Act was not payable. So far as refund under Section 244(A) of the Act was concerned, the Respondent No.1 held that since Rs. 35 lakhs was not a refund of tax and/or penalty paid by the Assessee, no interest was payable thereunder. 4. It is the above impugned order dated 28th June, 2016 which is a subject matter of challenge before us. 5. Mr. Saldanha, learned Counsel in support of the Petition submits as under: (i) In terms of Section 132(B)(4) of the Act, the Petitioner is entitled to interest at 6% after the period of 120 days from the last search authorization till the date of completion of assessment under Section 153(A) of the Act. In this case, it is pointed out that the authorization was dated 9th October, 2014. Therefore, the 120 days therefrom expired on 5th February, 2015. The order under Section 143(3) of the Act was passed on 16th December, 2016. Thus, the Petitioner is entitled to an interest at 6% from 5th February, 2015 to 16th December, 2016 on the seized amount of Rs. 35 lakhs; (ii) Further, interest is payable under Section 244A(1)(b) of the Act from the date of the Assessment Order i.e. 16th December, 2016 till the refund of Rs. 31.50 lakhs on 6th March, 2018 at 6% p.a. This interest is due on the refund, as it falls under subclause (b) of Section 244(A)(1) of the Act which is a residuary provision for payment of interest; (iii) The impugned order rejected the refund claimed on the ground that the assessment was not completed under Section 153(A) of the Act. Thus, incorrectly holding that Section 132(B)(4)of the Act is inapplicable. Thus, incorrectly holding that Section 132(B)(4)of the Act is inapplicable. This for the reason that Section 132B of the Act nowhere states that no interest will be granted, if order is not passed under Section 153(A)and/or Chapter XIVB of the Act; (iv) The Respondents be directed to pay interest on Rs. 35 lakhs for the period 5th February, 2015 to 30th June, 2017 and under Section 132B(4) of the Act read with Section 244A of the Act. Further, the Respondent be directed to pay interest on Rs. 31.50 lakhs under Section 244A of the Act for the period from 1st July, 2017 to 6th March, 2018; and (v) Without prejudice to the above, in any view of the matter, it was pointed out that while filing its return of income on 22nd September, 2015, the Petitioner had shown the seized cash of Rs. 35 lakhs as advance tax and claimed consequent refund. This, therefore, being a payment of tax, the Petitioner would be entitled to interest in terms of Section 244(A)(1)(a) of the Act or in any event, under Section 244(A)(b) of the Act as this was a payment of tax. 6. On the other hand, Mr. Mohanty, learned Counsel for the Revenue submits that : (i) As the assessment was not done under Section 153(A) of the Act but under Section 143(3) of the Act, the provisions of Section 132(B)(4) of the Act, mandating the grant of interest would not apply. The only obligation on the Revenue in respect of seized assets, where assessment is not completed under Section 153(A) of the Act, is to return it after the liabilities / obligations of the assessee have been satisfied. In this case, as the assessment was not made under Section 153(A) of the Act, therefore, no occasion to pay the interest. (ii) Section 244(A)(1)(b) of the Act will have no application in the present facts as sinaquanon for grant of interest under Section 244(1)(b) of the Act, is that the same should have been paid as tax and/or penalty. In this case, admittedly, the amount of Rs. 35 lakhs was not paid by the petitioner but seized by the Revenue. 7. (ii) Section 244(A)(1)(b) of the Act will have no application in the present facts as sinaquanon for grant of interest under Section 244(1)(b) of the Act, is that the same should have been paid as tax and/or penalty. In this case, admittedly, the amount of Rs. 35 lakhs was not paid by the petitioner but seized by the Revenue. 7. For ease of reference and proper appreciation of submission, we reproduce Sections 132(B) and 244 (A)(1)of the Act, which read as under:" 132B:(1) The assets seized under Section 132 or requisitioned under section 132A may be dealt with in the following manner, namely- (1) the amount of any existing liability under this Act, the Wealthtax Act, 1957 (27 of 1957), the Expenditure Tax Act, 1987 (35 of 1987), the Gift Tax Act, 1958 (18 of 1958) and the Interesttax Act, 1974 (45 of 1974), and the amount of the liability determined on completion of the assessment [under section 153A and the assessment of the year relevant to the previous year in which search is initiated or requisition is made, or the amount of liability determined on completion of the assessment under Chapter XIVB for the block period, as the case may be (including any penalty levied or interest payable in connection with such assessment) and in respect of which such person is in default or is [deemed to be in default, or the amount of liability arising on an application made before the Settlement Commission under subsection (1) of section 245C, may be recovered out of such asserts]. Provided that where th e person concerned makes an application to the Assessing Officer within thirty days from the end of the month in which the asset was seized, for release of asset and the nature and source of acquisition of any such asset is explained to the satisfaction of the Assessing Officer, the amount of any existing liability referred to in this clause may be recovered out of such asset and the remaining portion, if any, of the asset may be released, with the prior approval of the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, to the person from whose custody the assets were seized; Provided further that such asset or any portion thereof as is referred to in the first proviso shall be released within a period of one hundred and twenty days from the date on which the last of the authorizations for search under section 132 or for requisition under section 132A, as the case may be, was executed; (ii) ................ (iii) ................ (2) ................ 3 Any assets or proceeds thereof which remain after the liabilities referred to in clause (i) of subsection (1) are discharged shall be forthwith made over or paid to the persons from whose custody the assets were seized. 4(a) The Central Government shall pay simple interest at the rate of [one half per cent for every month or part of a month] on the amount by which the aggregate amount of money seized under section 132 or requisitioned under section 132A, as reduced by the amount of money, if any, released under the first proviso to clause (i) of subsection (1), and of the proceeds, if any, of the assets sold towards the discharge of the existing liability referred to in clause (i) of subsection (1), exceeds the aggregate of the amount required to meet the liabilities referred to in clause (i) of subsection (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 132A was executed to the date of completion of the assessment [under section 153A or] under Chapter XIVB. (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 132A was executed to the date of completion of the assessment [under section 153A or] under Chapter XIVB. 244A(1):Where refund of any amount becomes due to the assessee under this Act, he shall, subject to the provisions of this section, be entitled to receive, in addition to the said amount, simple interest thereon calculated in the following manner, namely- (a) where the refund is out of any tax collected at source under section 206C or paid by way of advance tax or treated as paid under section 199, during the financial year immediately preceding the assessment year, such interest shall be calculated at the rate of one half per cent for every month or part of a month comprised in the period, (i) from the 1st day of April of the assessment year to the date on which the refund is granted, if the return of income has been furnished on or before the due date specified under subsection (1) of section 139; or (ii) from the date of furnishing of return of income to the date on which the refund is granted, in a case not covered under sub-clause (i); (aa) where the refund is out of any tax paid under section 140A, such interest shall be calculated at the rate of one-half per cent for every month or part of a month comprised in the period, from the date of furnishing of return of income or payment of tax, whichever is later, to the date on which the refund is granted; Provided that no interest under clause (a) or clause (aa)shall be payable, if the amount of refund is less than ten per cent of the tax as determined under subsection (1) of section 143 or on regular assessment;] (b) in any other case, such interest shall be calculated at the rate of [one half per cent] for every month or part of a month comprised in the period or periods from the date or, as the case may be, dates of payment of the tax or penalty to the date on which the refund is granted. Explanation For the purposes of this clause, "date of payment of tax or penalty means the date on and from which the amount of tax or penalty specified in the notice of demand issued under section 156 is paid in excess of such demand. (1A) to (4)...................." 8. It is an undisputed position that Rs. 35 lakhs was seized on 9th October, 2014 when the Officers of the Revenue searched Petitioner''s premises. It is also undisputed position that consequent to the seizure of Rs. 35 lakhs, the assessment was done not under Section 153A of the Act, but under Section 143(3) of the Act in respect of Assessment Year 2015-16. In terms of Section 132(B)(4) of the Act, the occasion to pay the interest on the money seized under Section 132 of the Act would only arise when an assessment has been made under Section 153(A) or Chapter XIVB of the Act. 9. Admittedly, the assessment for the Assessment Year 2015-16 has not been done under Section 153(A) or Chapter XIVB of the Act. It has been done under Section 143(3) of the Act. Therefore, on a plain and strict reading of Section 132B(4) of the Act, no interest can be granted under Section 132B(4) of the Act, as it only provides for grant of interest by fixing the termination date for it as the date of completion of the assessment under Section 153A or Chapter XIVB of the Act i.e. special provision for assessment to be done on account of search proceedings. Thus, we do not accept the contention on behalf of the petitioner that interest shall be granted under the provision of Section 132B(4) of the Act. Moreover, the prayer for grant of interest on the basis of the submission that there is no provision in Section 132B of the Act, which bars the grant of interest even if assessment is completed under Section 143(3) of the Act, cannot be accepted. The grant of interest under the provision of Section 132B of the Act even where assessment is completed under Section 143(3) of the Act should have been explicitly provided therein. It is not permissible for us to read something into the statutory provision, which is not there. 10. The grant of interest under the provision of Section 132B of the Act even where assessment is completed under Section 143(3) of the Act should have been explicitly provided therein. It is not permissible for us to read something into the statutory provision, which is not there. 10. Moreover, the submission on behalf of the Petitioner that in any view of the matter, interest on the seized amount has to be granted under Section 244(A)(1)(b) of the Act. This on the ground that it is a residuary clause providing for interest, wherever the Revenue retains the amount belonging to an assessee, it must compensate the assessee for the same. However, this submission completely overlooks the fact that interest under Section 244(A)(1)(b) of the Act can only be of the excess amounts paid as tax or penalty, which is being refunded. In this case, the amount of Rs. 35 lakhs was seized by the Revenue and it was not a case of payment by the Petitioner of tax or penalty. Thus, this submission of the Petitioner also does not merit acceptance. 11. However, we note that the Petitioner had in its return of income filed on 22nd September, 2015 had shown Rs. 35 lakhs being the seized cash, as advance tax. However, while passing the Assessment Order on 16th December, 2016, the Assessing Officer did not adjust the seized cash as advance tax paid on behalf of the Petitioner but directed the Petitioner to pay tax of Rs. 9.18 lakhs (inclusive of interest), consequent to the Assessment Order. Petitioner complied with the same and paid the demand of Rs. 9.18 lakhs as tax plus interest for Assessment Year 2015-16. This non-adjustment by the Assessing Officer of the amount being offered as advance tax by the Petitioner was unjustified and without reasons. In fact, the Petitioner was called upon to pay the interest on the demand raised which would not have happened if the Petitioner''s contention that Rs. 35 lakhs be treated as advance tax paid to the Revenue, was accepted. In the above circumstances, the character of the seized cash underwent a change to becoming an advance tax. This is more particularly so as for the subject assessment year, it has been accepted as income. Therefore, it is submitted that interest is payable on the advance tax under Section 244A(1)(a) of the Act. In the above circumstances, the character of the seized cash underwent a change to becoming an advance tax. This is more particularly so as for the subject assessment year, it has been accepted as income. Therefore, it is submitted that interest is payable on the advance tax under Section 244A(1)(a) of the Act. We note that interest on advance tax is payable under Section 244A(1)(a) of the Act,when the refund of advance tax has been paid by tax deducted at source or payment is by way of advance tax or treated as paid under Section 199 of the Act. In this case, the payment is not by any of these modes, therefore, Section 244A(1)(a) of the Act will not have any application. Thus, interest cannot be directed under Section 244A(1)(a) of the Act. 12. It was next submitted that interest be granted under Section 244A(1)(b) of the Act as it is a residuary provision. Therefore, it would cover interest on any amounts retained by the Revenue, without justification. In opposition, the Revenue submits that Section 244A(1)(b) of the Act will only apply to the payment of tax or penalty. Therefore, not applicable in the facts of this case. This is so as it cannot be disputed that on 9th October, 2014, the above amount was not paid by the petitioner but seized by the Revenue. However, on the date of filing the return of income, the petitioner had offered the above amount as advance tax. This was not accepted by the Revenue as in the assessment order dated 16th December, 2016, no credit for the same was given and demand of tax of Rs. 9.18 lakhs (including of interest) was made. Consequently, a notice of demand under Section 156 of the Act was issued and the petitioner honored the same by making payment. However, though the Revenue did not accept the declaration made by the petitioner in its return of advance tax, the fact is that the petitioner claimed it to be tax. Therefore, on the date the demand notice under Section 156 of the Act was issued, there was an excess amount with the Revenue which the Petitioner was claiming to be tax. Therefore, in terms of the Explanation to Section 244A(1)(b) of the Act the amount of Rs. Therefore, on the date the demand notice under Section 156 of the Act was issued, there was an excess amount with the Revenue which the Petitioner was claiming to be tax. Therefore, in terms of the Explanation to Section 244A(1)(b) of the Act the amount of Rs. 35 lakhs was the excess tax (on change of its character from seized amount to tax paid), the petitioner is entitled to interest of Rs. 35 lakhs w.e.f. 16th December, 2016 on the passing of assessment order. This payment of interest on the refund of tax is in terms of the Supreme Court decision in M/s. K. Lakshmanya Co. vs. Commissioner of Income Tax, 299 ITR 657 on the interpretation put upon Section 244A(1)(b) of the Act. This is not a case, where the petitioner is seeking interest dehors the Act. It is not consequential for amount unlawfully held by the Revenue but interest is sought in terms of Section 246A(1)(b) of the Act. 13. We find support for our view from the following observations of the Hon''ble Supreme Court in Union of India vs. Tata Chemicals Ltd., 363 ITR 658 as under: ".....................The State having received the money without right, and having retained and used it, is bound to make t he party good, just as an individual would be under like circumstances. The obligation to refund money received and retained without right implies and carried with it the right to interest. Whenever money has been received by a party which ex aequo et bono ought to be refunded, the right to interest follows, as a matter of course." 14. In view of the above, the impugned order dated 28th June, 2018 is set aside. The respondent is directed to give interest at 6% per annum from 16th December, 2016 upto 31st May, 2017 on Rs. 35 lakhs (i.e. before the adjustment of penalty of Rs. 3.50 laksh of Rs. 35 laksh) and on Rs. 31.50 lakhs from 1st June, 2017 to 7th March, 2018, when a sum of Rs. 31.50 lakhs was paid to the petitioner. The Respondent no.1 is directed to make the above payment within a period of 12 weeks from today. 15. Petition is allowed in above terms.