https://www.taxtmi.com/caselaws?id=166782 The Tribunal upheld the confiscation of primary gold under Sections 71 and 74 of the Gold (Control) Act, 1968, but reduced the penalty imposed on the appellant from Rs. 10,000 to Rs. 5,000 due to unique possession circumstances and sentimental value attached to the gold items. The possession of primary gold by the appellant was deemed a violation of the Act as he did not qualify as a certified goldsmith or dealer, despite acquiring the gold through succession. The confiscation of gold coins was overturned as they were acquired through inheritance and not subject to declaration by the deceased sister. en-us Tue, 27 Sep 1983 00:00:00 +0530 Tue, 04 Nov 2014 17:54:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=166782 The Tribunal upheld the confiscation of primary gold under Sections 71 and 74 of the Gold (Control) Act, 1968, but reduced the penalty imposed on the appellant from Rs. 10,000 to Rs. 5,000 due to unique possession circumstances and sentimental value attached to the gold items. The possession of primary gold by the appellant was deemed a violation of the Act as he did not qualify as a certified goldsmith or dealer, despite acquiring the gold through succession. The confiscation of gold coins was overturned as they were acquired through inheritance and not subject to declaration by the deceased sister. Case-Laws Customs Tue, 27 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=166782