TaxTMI 
TaxTMI 
2003 (11) TMI 504
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....llant is a goldsmith. In a follow up measure, consequent to seizure of 150 gold biscuits, his shop and residential premises were searched on 2-10-1992. The search of one residence resulted in seizure of foreign marked gold biscuits, and the other residential premises resulted in seizure of 80 gold sovereign (ginnies) of foreign made along with Indian currency in different denominations totaling Rs....
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....s who had imported them legally, it was given to him for making gold ornament, the sovereign were belonging to his sister and mother and maternal aunt and produce affidavits to that effect. The Indian currency was explained to have been of different family members and from his business balances. (c) A notice was thereafter issued on completion of enquiries proposing the confiscation of seize....
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....ree man, who attended to the enquiries and deposed what he knew. He was arrested and produced before a Magistrate where he did not make a complaint about the confessions made on 2-10-92, 3-10-92 and 5-10-92 to be not depicting the correct positions. The retraction therefore made from the Jail on 12-10-92 on an affidavit are to be rejected. The admissions as made about possessing and selling of gol....