2009 (8) TMI 926

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....llant. Ms. Indira Sisupal, JDR, for the Respondent. ORDER This case has a chequered history starting with the order of the Collector of Central Excise, Cochin in July'87 whereby he confiscated the 627.500 gms. of gold and ornaments and extended an option of redemption on payment of a fine of Rs. 60,000/- in lieu of confiscation, under the provisions of Section 74 of the Gold (Control) Act....

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....adjudicating authority for release of the gold ornaments and gold wires on payment of the fine as reduced by the Tribunal. The reminder was sent on 5-10-05 which was responded to by letter dated 28-3-06 wherein the request for redemption was rejected on the ground that the option was not exercised within the period stipulated by the Tribunal's Revision Order No. 10/90 dated 27-7-90. Appellant file....

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....ercising the option of redemption did not arise. The applicant has subsequently filed application No. G/MISC/43/09 seeking release of sale proceeds minus redemption fine and penalty. 3. We have heard both sides on the applications. The time frame fixed by the Tribunal vide its final order dated 18-2-88 for redemption was not adhered to by the appellant. The Tribunal had also provided the conseq....

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....rectification against the finding that the gold would be liable to absolute confiscation if the appellant did not exercise his option to redeem the same within a period of two months and get the same converted into ornaments within a further period of one month, as the stipulated period of limitation for filing ROM has since expired and it has been held in various decisions for example National En....