https://www.taxtmi.com/caselaws?id=73464 Non-maintenance of statutory accounts and failure to issue vouchers was treated as a substantive breach, not a mere technical lapse, because the accounting requirement operated as a key safeguard against illegal transactions; the firm's explanations of illiteracy, absence of the accountant and illness of the partner were found insufficient, so the penalty was sustained. By contrast, gold proved to belong to customers could not be confiscated under Section 71 of the Gold (Control) Act, because confiscation is confined to property of the person who committed the contravention; on the record, the customers' claims were accepted, so confiscation and redemption fine were set aside. en-us Tue, 29 Sep 1987 00:00:00 +0530 Sat, 28 Jan 2012 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=73464 Non-maintenance of statutory accounts and failure to issue vouchers was treated as a substantive breach, not a mere technical lapse, because the accounting requirement operated as a key safeguard against illegal transactions; the firm's explanations of illiteracy, absence of the accountant and illness of the partner were found insufficient, so the penalty was sustained. By contrast, gold proved to belong to customers could not be confiscated under Section 71 of the Gold (Control) Act, because confiscation is confined to property of the person who committed the contravention; on the record, the customers' claims were accepted, so confiscation and redemption fine were set aside. Case-Laws Central Excise Tue, 29 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=73464