https://www.taxtmi.com/caselaws?id=80204 Unaccounted gold and gold ornaments found in a licensed dealer's premises, though kept in a shop marked briefcase and shown by the evidence to be held for sale, were treated as stock in trade acquired and retained in contravention of the accounting and acquisition provisions of the Gold (Control) Act, 1968, so confiscation was upheld. The dealer and his power of attorney holder were also held liable to penalty because the contravention was proved against both, but the redemption fine and penalties were reduced as excessive. The claimed benefit of Finance Ministry amnesty instructions was rejected because the scheme was administrative, limited to voluntary disclosure, and did not override the Act or apply to goods found on search. en-us Tue, 05 Jan 1988 00:00:00 +0530 Wed, 15 Jun 2011 14:25:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=80204 Unaccounted gold and gold ornaments found in a licensed dealer's premises, though kept in a shop marked briefcase and shown by the evidence to be held for sale, were treated as stock in trade acquired and retained in contravention of the accounting and acquisition provisions of the Gold (Control) Act, 1968, so confiscation was upheld. The dealer and his power of attorney holder were also held liable to penalty because the contravention was proved against both, but the redemption fine and penalties were reduced as excessive. The claimed benefit of Finance Ministry amnesty instructions was rejected because the scheme was administrative, limited to voluntary disclosure, and did not override the Act or apply to goods found on search. Case-Laws Central Excise Tue, 05 Jan 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=80204