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2007 (4) TMI 198 - HC - Income TaxTaxability of seized goods – held that seized goods u/s 132(5) are treated as security for the demand – assessee remains owner of seized goods & only possession is taken away by dept. – hence value of seized goods has to be reflected in the balance sheet & profit and loss account as before – seized goods bear the character of stock-in trade in hands of assessee, hence liable to be valued for the purposes of computing the taxable income of assessee
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