https://www.taxtmi.com/caselaws?id=72228 A presumption that gold ornaments found in a licensed dealer's premises form part of stock-in-trade can be rebutted by credible evidence of third-party ownership or lawful custody. Here, contemporaneous correspondence, register entries, statements of the claimed owners, and an engraving on one ring sufficiently supported the explanation that the ornaments were samples or items left for repair and polishing, so confiscation and personal penalty were not sustainable on the merits. The proceedings were also invalid because no statutory written notice was issued to the persons claiming ownership, depriving them of the required opportunity to be heard. The confiscation and penalty were therefore set aside. en-us Wed, 19 Dec 1984 00:00:00 +0530 Sat, 14 May 2011 14:37:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72228 A presumption that gold ornaments found in a licensed dealer's premises form part of stock-in-trade can be rebutted by credible evidence of third-party ownership or lawful custody. Here, contemporaneous correspondence, register entries, statements of the claimed owners, and an engraving on one ring sufficiently supported the explanation that the ornaments were samples or items left for repair and polishing, so confiscation and personal penalty were not sustainable on the merits. The proceedings were also invalid because no statutory written notice was issued to the persons claiming ownership, depriving them of the required opportunity to be heard. The confiscation and penalty were therefore set aside. Case-Laws Customs Wed, 19 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72228