https://www.taxtmi.com/circulars?id=10355 Primary gold seized in searches under section 132 enters Government custody and, because the Gold (Control) Act does not apply to Government possession, may be considered for appropriation of its market value towards income tax arrears; practical issues include prohibition on private sale, Mint accounting of value, requirement for international rate realisation, and the Gold Control Administrator's view that confiscated gold vested in the Central Government cannot be appropriated except where redemption on payment of fine returns value to the party. en-us Sat, 16 Aug 1975 00:00:00 +0530 Fri, 17 Jun 2011 18:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10355 Primary gold seized in searches under section 132 enters Government custody and, because the Gold (Control) Act does not apply to Government possession, may be considered for appropriation of its market value towards income tax arrears; practical issues include prohibition on private sale, Mint accounting of value, requirement for international rate realisation, and the Gold Control Administrator's view that confiscated gold vested in the Central Government cannot be appropriated except where redemption on payment of fine returns value to the party. Circulars Income Tax Sat, 16 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10355