Entire Quantity of Gold Which Was Seized from Assessee to Be Released on Executing Bonds | HC
- Blog|News|GST & Customs|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 29 August, 2024
Latest from Taxmann
Case Details: Velayudhan Gold LLP v. Intelligence Officer, Intelligence Unit, Kottarakara - [2024] 165 taxmann.com 276 (Kerala)
Judiciary and Counsel Details
- Gopinath P., J.
- M.P. Shameem Ahamed, Akhil Philip Manithottiyil, Daniya Rasheed Palliyalil & Naeem M.M. for the Petitioner.
- Muhammed Rafiq, (SPL. GP), for the Respondent.
Facts of the Case
The petitioner was a wholesale dealer in gold jewellery. It carried gold jewellery to various jewellery shops for display. While its employees were visiting a jewellery shop, the search operation was carried out at that shop and there was a difference in quantity mentioned in delivery challan and in actual quantity of gold. The department seized gold and the Adjudicating Authority held that certain quantity of gold was liable to be confiscated and also imposed penalty.
The Appellate Authority held that imposition of penalty and fine in lieu of confiscation in respect of quantity determined by Adjudicating Authority was not proper and proceedings could be continued only in respect of additional quantity which was not mentioned in delivery challan. The petitioner filed writ petition for implementation of order passed by Appellate Authority and release of seized goods.
High Court Held
The Honorable High Court observed that it was settled that goods can be released on payment of fine in lieu of confiscation. Moreover, the gold ornaments were stock-in-trade of petitioner and therefore, the entire quantity of gold which was seized from petitioner was to be released on executing bonds in manner and form required by Adjudicating Authority.
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
