https://www.taxtmi.com/caselaws?id=167446 A licensed gold dealer was treated as responsible for accounting for gold and ornaments found in the business premises, even where statutory forms were relied on and the articles were said to belong to relatives. Inculpatory statements by the dealer and his son were accepted as voluntary, the belated retraction was rejected, and concealed chits supported an adverse inference of unaccounted trading. The presumption of ownership against the person in possession was applied and not rebutted. Confiscation and penalty were sustained in principle, while 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 A licensed gold dealer was treated as responsible for accounting for gold and ornaments found in the business premises, even where statutory forms were relied on and the articles were said to belong to relatives. Inculpatory statements by the dealer and his son were accepted as voluntary, the belated retraction was rejected, and concealed chits supported an adverse inference of unaccounted trading. The presumption of ownership against the person in possession was applied and not rebutted. Confiscation and penalty were sustained in principle, while 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