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2011 (1) TMI 1171 - HC - Income TaxWhether the Central Government is liable to pay interest on the shares which were seized by the Income-tax Department and retained under section 132 of the Income-tax Act which, of course, were subsequently released after a few years, without adjusting any possible tax liability - contention of petitioner that as the shares seized formed part of the working capital of the business of the petitioner as a jobber, and ultimately, the income-tax authorities returned the shares after coming to a conclusion that the retention of shares is not needed for adjustment against the possible tax liability and, therefore, it should be treated as "money" and under section 132B(4) of the Income-tax Act the Central Government is bound to pay interest at 15 per cent per annum – Held that:- merely because the shares seized did form part of the capital assets of the petitioner and the petitioner as jobber was in the process of buying and selling shares which is his avocation, it does not mean that the shares should be construed as money, for the purpose of claiming interest, no illegality in the order of the first respondent, writ petition fails and the same is dismissed
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