https://www.taxtmi.com/caselaws?id=206140 Seizure and confiscation of gold under the Defence of India Rules, 1962 were held not to attract Section 73 of the Gold (Control) Act, 1968, because the saving clause preserved prior action only to the extent it was consistent with the later Act and the Rule 126-M(8)(a) discretion was inconsistent with the Act's ceiling-based scheme. Redemption fine was therefore governed by the earlier rules. The Court further held that the relevant market value was that prevailing when the redemption option was exercised at adjudication, not the date of seizure, and the reduction of the fine to seizure-date value was unsustainable. en-us Mon, 29 Jun 2009 00:00:00 +0530 Fri, 14 Oct 2011 23:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206140 Seizure and confiscation of gold under the Defence of India Rules, 1962 were held not to attract Section 73 of the Gold (Control) Act, 1968, because the saving clause preserved prior action only to the extent it was consistent with the later Act and the Rule 126-M(8)(a) discretion was inconsistent with the Act's ceiling-based scheme. Redemption fine was therefore governed by the earlier rules. The Court further held that the relevant market value was that prevailing when the redemption option was exercised at adjudication, not the date of seizure, and the reduction of the fine to seizure-date value was unsustainable. Case-Laws Customs Mon, 29 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206140