ORDER

Civil Appeal No. 3897 of 1986

1. This appeal by the assessee is directed against the order of the Customs, Excise and Gold Control Appellate Tribunal (CEGAT for short) rendered in Appeal No. G/90/85-NRB dated 30-7-1986. Briefly stated the facts giving rise to this appeal are as under.

2. On 21-9-1982, officers of the Income Tax Department raided the business premises of the appellant around 9.30 a.m. and prepared an inventory of gold and gold ornaments found in the premises. After the weighment of the gold and gold ornaments was completed, a copy thereof was delivered to the appellant which showed that 62,190.830 gm of gold ornaments were found in actual stock, whereas the aggregate balance of gold ornaments in their books of account maintained under the Gold (Control) Act, 1968 (hereinafter called the Act) was 67,537.100 gm on that date. The officers of the Central Excise Collectorate, Delhi were called at about 1.00 p.m. and were associated with the exercise undertaken by the Income Tax authorities. N. K. Zaveri, partner of the appellant firm who was present at the relevant point of time informed the authorities that the transactions reflected under Voucher No. 7489 to 7496