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Section 132A of the Income-tax Act, 1961 - Search and Seizure - Requisition of books of account, etc. - Assessment year 1991-92 - Shares cannot be treated as money and, hence, no interest is payable on seized shares [In favour of revenue] The assessee, a stock broker, claimed interest in respect of shares seized by department contending that inasmuch as the shares seized formed part of the working capital of the business of the assessee as a broker, it should be treated as 'money', and under section 132B(4), the Central Government was bound to pay interest. Held that the construction for the purpose of payment of interest under section 132B(4)(a) shall be only in respect of money which has been seized in the form of cash or any other assets like, bullion which are capable of being assessed in terms of cash. The shares held by the assessee which were seized might form part of capital assets of the business in his day-to-day business, but that would become money only if the amount contemplated under the shares was encashed. Merely because the shares seized did form part of the capital assets of the assessee and the assessee as broker was in the process of buying and selling shares which was his vocation, it did not mean that the shares should be construed as money for the purpose of claiming interest. Words & Phrases: Term 'Money' as occurring in section 132B(4)(a) of Income-tax Act, 1961 R. Sankaranarayanan for the Appellant. T. Narayanasamy for the Respondent. JUDGMENT P. Jyothimani, J. - The writ petition is directed against the order of the first respondent, Settlement Commission of Income-tax and Wealth-tax, dated October 25, 2002 in so far as it relates to the portion of the order rejecting the claim of the petitioner for payment of interest on the shares retained beyond the period of six months from the date of order under section 132(5) of the Income-tax Act and for direction against the first respondent to allow the claim of the petitioner for such interest. 2. The petitioner is a member of the Madras Stock Exchange, carrying on the business as a share broker in the trade name, "Viswanath Anil Kedia" in his individual capacity. As a stock broker, he…

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