Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Appellant proved ownership of gold bars through valid invoices, discharging initial onus. Revenue failed to establish invoices unrelated to seized gold, lacking inquiry into consideration paid. Foreign origin and smuggled nature of gold not conclusively established beyond relying on Appellant's statements, which were hearsay. Lack of corroborative substantive evidence renders hearsay inadmissible. Revenue's case based on presumptions and assumptions instead of substantive evidence. Since gold not liable for confiscation, penalty u/s 112(b) on Appellant set aside. Appeal allowed.
Appellant proved ownership of gold bars through valid invoices, discharging initial onus. Revenue failed to establish invoices unrelated to seized gold, lacking inquiry into consideration paid. Foreign origin and smuggled nature of gold not conclusively established beyond relying on Appellant's statements, which were hearsay. Lack of corroborative substantive evidence renders hearsay inadmissible. Revenue's case based on presumptions and assumptions instead of substantive evidence. Since gold not liable for confiscation, penalty u/s 112(b) on Appellant set aside. Appeal allowed.
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