https://www.taxtmi.com/caselaws?id=167355 Conscious possession of gold chips and gold coins was not established where the goods were found only after several abortive diggings, undermining any inference of prior precise information or exclusive control. The surrounding circumstances, including the assessee's age at his father's death, the family's agricultural background, the presence of old coins in the household, and the account-book entries, were considered collectively but did not satisfy the statutory foundation for liability under the Gold (Control) Act. Confiscation and penalty were therefore unsustainable, and the decision favoured the assessee. en-us Wed, 20 Feb 1985 00:00:00 +0530 Wed, 17 Dec 2014 12:23:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=167355 Conscious possession of gold chips and gold coins was not established where the goods were found only after several abortive diggings, undermining any inference of prior precise information or exclusive control. The surrounding circumstances, including the assessee's age at his father's death, the family's agricultural background, the presence of old coins in the household, and the account-book entries, were considered collectively but did not satisfy the statutory foundation for liability under the Gold (Control) Act. Confiscation and penalty were therefore unsustainable, and the decision favoured the assessee. Case-Laws Customs Wed, 20 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=167355