2001 (2) TMI 537

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....r the Respondent. [Order]. - The two appellants before me were, at the relevant time, July, 1982, in partnership, running a silver refinery. Customs officers acting on information searched the refinery and found five ingots bearing foreign marking manufactured and 46 chorsas, smaller pieces of silver obtained by melting down silver ingots. They seized them under the reasonable believe that t....

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.... penalty on these two persons and not only for being concerned with the illegal import of the silver but for knowingly concerned with its acquisition, transportation, possession, storage or dealing in any manner with it. It cited the provisions of Chapter IVB of the Customs Act, 1962. 4. The contention of the Counsel for the appellants that at the relevant time silver was not specified und....

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....lver bars and silver bars melted with foreign markings. As professionals in the field they would have clearly understood the risks involved in handling smuggled silver ingots as they are quite aware of the legal consequences of dealing in the same." 5. It is not possible to conclude from this that the requirement of knowledge or belief has been complied with. I completely agree with the Co....