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2004 (7) TMI 32 - HC - Income TaxBearer bonds which were seized by the Department have been lost by the Department - Under the law, the said bearer bonds could not have been seized or in any case, had to be accounted for. The petitioner cannot be made to suffer for the loss - Accordingly, we direct the Department to refund the amount of the bearer bonds, i.e., Rs. 1,80,000 as in the year 1991. The Department will also pay simple interest at the rate of 6 per cent, per annum from January 1, 1992, till the date of payment. The Department will be free to recover the same from the persons who may be responsible for causing loss.
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