https://www.taxtmi.com/caselaws?id=72435 Penalty under Section 74 of the Gold Control Act, 1968 remains sustainable where a licensed dealer fails to make contemporaneous entries in statutory records under Section 55 and Rule 13, even if the seized gold ornaments are not ultimately confiscated. The statutory liability arises from the contravention itself, because confiscation is not a precondition to penalty when the act or omission renders the gold liable to confiscation. The Tribunal also accepted that the sanction should be proportionate to the facts and reduced the penalty from Rs. 5,000 to Rs. 1,000. en-us Thu, 10 Jul 1986 00:00:00 +0530 Wed, 25 Jan 2012 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72435 Penalty under Section 74 of the Gold Control Act, 1968 remains sustainable where a licensed dealer fails to make contemporaneous entries in statutory records under Section 55 and Rule 13, even if the seized gold ornaments are not ultimately confiscated. The statutory liability arises from the contravention itself, because confiscation is not a precondition to penalty when the act or omission renders the gold liable to confiscation. The Tribunal also accepted that the sanction should be proportionate to the facts and reduced the penalty from Rs. 5,000 to Rs. 1,000. Case-Laws Central Excise Thu, 10 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72435