https://www.taxtmi.com/caselaws?id=72140 A licensed gold dealer's immediate admission that seized ornaments were purchased and kept undeclared for sale was treated as voluntary and reliable, and a belated, unsupported retraction was rejected. Unsubstantiated claims that some ornaments belonged to a spouse or were pledged by a goldsmith also failed. The statutory declaration and accounting requirements for gold owned, possessed, held or controlled by a licensed dealer were found breached, so contraventions involving undisclosed gold in possession or control were established. Mitigating factors such as the age of the business, clean antecedents, purity and value of the ornaments justified reduction of the redemption fine and penalties, while the liability itself was sustained. en-us Thu, 11 Jul 1985 00:00:00 +0530 Wed, 25 Jan 2012 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72140 A licensed gold dealer's immediate admission that seized ornaments were purchased and kept undeclared for sale was treated as voluntary and reliable, and a belated, unsupported retraction was rejected. Unsubstantiated claims that some ornaments belonged to a spouse or were pledged by a goldsmith also failed. The statutory declaration and accounting requirements for gold owned, possessed, held or controlled by a licensed dealer were found breached, so contraventions involving undisclosed gold in possession or control were established. Mitigating factors such as the age of the business, clean antecedents, purity and value of the ornaments justified reduction of the redemption fine and penalties, while the liability itself was sustained. Case-Laws Central Excise Thu, 11 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72140