2019 (8) TMI 885

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....n of penalty on the Respondents has been set aside and the appeals were allowed with consequential relief to the Respondents. 2. The relevant facts of the case, in brief, are that on 11 March 2015 the officers of the P & I Branch CC(P), West Bengal conducted a search at the shop of M/s. "Meghdoot", 170 Mahatma Gandhi Road, Kolkata-700007 resulting in the recovery of one Yellow Metal bar of One Kg. believed to be gold of foreign origin having inscription "SUBSG, Union Bank of Switzerland, 1 KILO, Fine Gold, 999.5, MELTER ASSAYER". After the seizure on 11 March 2015 Shri Narendra Rajpara, Partner of M/s.Meghdoot, Respondent herein in his statement stated that he had purchased the seized goods from M/s.J.J. House. Subsequently, Shri Narendr....

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....or the purpose of proper appreciation of the case, the finding of the Commissioner(Appeals) is reproduced below:- "19. In this case, it is also true that the appellant No.1 was able to submit evidence in the form of bill for licit procurement of gold so seized, the fact of which has been confirmed by the supplier to the Department. The contention of the Department as regards the supplier M/s.Prerak Gems' inability to submit import documents is not tenable on two counts, first, the said supplier has affirmed in the statement dated 17.8.2015 that they are trader and second, the Department did not cause verification with the party M/s.Xehaan Capital Services who has sold gold to M/s.Prerak Gems. In these circumstances, I am of the con....