https://www.taxtmi.com/caselaws?id=80110 A licensed gold dealer must maintain true and complete accounts and issue vouchers for each transaction; failure to do so, coupled with an admitted shortage of gold ornaments, constitutes contravention of the statutory accounting scheme and renders the gold liable to confiscation under Section 71 of the Gold (Control) Act, 1968. Penalty under Section 74 may still be imposed even if the gold is not available for actual confiscation, because confiscation proceedings operate in rem while penalty proceedings are in personam. The dealer bears the burden of explaining an unexplained shortage once the lapse in accounting and voucher evidence is established, and Section 75 does not apply on these facts. en-us Tue, 20 Jan 1987 00:00:00 +0530 Tue, 14 Jun 2011 18:13:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=80110 A licensed gold dealer must maintain true and complete accounts and issue vouchers for each transaction; failure to do so, coupled with an admitted shortage of gold ornaments, constitutes contravention of the statutory accounting scheme and renders the gold liable to confiscation under Section 71 of the Gold (Control) Act, 1968. Penalty under Section 74 may still be imposed even if the gold is not available for actual confiscation, because confiscation proceedings operate in rem while penalty proceedings are in personam. The dealer bears the burden of explaining an unexplained shortage once the lapse in accounting and voucher evidence is established, and Section 75 does not apply on these facts. Case-Laws Customs Tue, 20 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=80110