https://www.taxtmi.com/caselaws?id=167446 Licensed gold dealers must account for all gold and ornaments found in business premises, particularly where articles are kept for sale and are not recorded. Statutory forms were not decisive in that setting. Voluntary inculpatory statements, recovery of concealed records indicating off-book dealings, and the statutory presumption against the person in possession supported confiscation and penalty. A belated retraction, unsupported claims that goods belonged to relatives, additional evidence, and reliance on treatment by income-tax or sales-tax authorities did not rebut the presumption. Contravention and consequential liability remained, although the redemption fine and penalty were reduced. en-us Mon, 04 Mar 1985 00:00:00 +0530 Sat, 20 Dec 2014 11:34:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=167446 Licensed gold dealers must account for all gold and ornaments found in business premises, particularly where articles are kept for sale and are not recorded. Statutory forms were not decisive in that setting. Voluntary inculpatory statements, recovery of concealed records indicating off-book dealings, and the statutory presumption against the person in possession supported confiscation and penalty. A belated retraction, unsupported claims that goods belonged to relatives, additional evidence, and reliance on treatment by income-tax or sales-tax authorities did not rebut the presumption. Contravention and consequential liability remained, although the redemption fine and penalty were reduced. Case-Laws Customs Mon, 04 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=167446