9911796707
TMI Blog1985 (2) TMI 274X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) of the Gold (Control) Act, 1968. The confiscated goods had been allowed to be redeemed on payment of ₹ 31,000/-and subject to further conditions regarding conversion after redemption. A penalty of ₹ 5000/- had also been imposed on the Appellant under Section 74 of the Act. 2. The brief facts of the case are that Income-tax authorities searched the premises of the Appellant at Shahapur. Among other things, they found 6 gold chips and 96 gold coins referred to above. All the items except 6 gold coins were found concealed in a wall inside the Ganesh cupboard and 6 gold coins were found in the cupboard itself. The appellant denied knowledge of the existence of the 6 gold chips and 90 gold coins dug out of the wall and state ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esiding in the premises from which the gold and gold ornaments were seized, the limit for non-declaration is 12,000 gms. (3x4000 gms.) He also referred to the following decisions of Courts in support of his stand regarding declaration : (i) the case of Asstt. Collector of Central Excise v. Rikabdas Tejumal Shah, page 427 Cencus Manual of Gold Control, 1982 edition ; (ii) J.A. Abdul Hamid v. Collector of Central Excise, Madras, page 343 ibid; (iii) Gem Palace v. Union of India, page 241 ibid ; (iv) Jayantilal Amritlal v. Union of India, page 230 ibid ; (In the last case it was held that a Kartha of a HUF had no liability under the Act for declaration). 5. The Senior Departmental Representative started by referr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d part of the coins seized shows the year of manufacture as 1925 and 1926. Their seems to be old fashioned, conservative agriculturists family dabbling in money-lending during the life time of the father of the Appellant. Considering the evidence on record as a whole, we hold that a case of conscious possession of gold and gold coins has not been established and they are not actionable under Section 8(1) and/or Section 16 of the Act. Accordingly, we set aside the order of the Collector and order release of the gold chips and gold coins with proviso that within one month from the date of release they shall be disposed of by sale to or by conversion into ornaments through a licensed gold dealer. The penalty imposed on the Appellant is also re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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