https://www.taxtmi.com/caselaws?id=84237 The tribunal upheld the seizure and absolute confiscation of gold, ornaments, and currency from the residential premises of the main appellant, deeming them to be derived from illegal activities. The inculpatory statement given by the main appellant admitting to purchasing contraband gold was considered valid despite a belated retraction. Penalties imposed on the main appellant's wife were set aside due to lack of evidence linking her to the offenses. The penalties imposed on the main appellant were reduced to Rs. 25,000 under the Customs Act, 1962, and Rs. 5,000 under the Gold (Control) Act, 1968, in light of the confirmed confiscation. en-us Mon, 30 Jan 1995 00:00:00 +0530 Wed, 20 Jul 2011 15:50:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84237 The tribunal upheld the seizure and absolute confiscation of gold, ornaments, and currency from the residential premises of the main appellant, deeming them to be derived from illegal activities. The inculpatory statement given by the main appellant admitting to purchasing contraband gold was considered valid despite a belated retraction. Penalties imposed on the main appellant's wife were set aside due to lack of evidence linking her to the offenses. The penalties imposed on the main appellant were reduced to Rs. 25,000 under the Customs Act, 1962, and Rs. 5,000 under the Gold (Control) Act, 1968, in light of the confirmed confiscation. Case-Laws Central Excise Mon, 30 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84237