https://www.taxtmi.com/caselaws?id=9998 The court upheld the findings of the Assistant Commissioner regarding the ownership of 54 kgs of gold bullion seized at Santacruz Airport. The appellant's claim that the gold was stock-in-trade of his business was rejected, with the court emphasizing the appellant's failure to explain the source and acquisition of the gold satisfactorily. The court dismissed the appeal, affirming the validity of the seizure and the rejection of the release application under Section 132B of the Income-tax Act. The court highlighted that the disputed factual issues were best addressed by the income-tax authorities, and revision against the Assistant Commissioner's order was the proper course of action. en-us Wed, 29 Mar 2006 00:00:00 +0530 Sun, 05 Jul 2009 09:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9998 The court upheld the findings of the Assistant Commissioner regarding the ownership of 54 kgs of gold bullion seized at Santacruz Airport. The appellant's claim that the gold was stock-in-trade of his business was rejected, with the court emphasizing the appellant's failure to explain the source and acquisition of the gold satisfactorily. The court dismissed the appeal, affirming the validity of the seizure and the rejection of the release application under Section 132B of the Income-tax Act. The court highlighted that the disputed factual issues were best addressed by the income-tax authorities, and revision against the Assistant Commissioner's order was the proper course of action. Case-Laws Income Tax Wed, 29 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9998