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TMI Blog2016 (9) TMI 221X X X X Extracts X X X X X X X X Extracts X X X X ..... arket value fixed by the Department was not in accordance with the then existing market value - Held that:- it is revealed from the records that the gold found in possession of the revision petitioner was having a purity ranging from 99.78% to 78.90%. The market value of the gold would, no doubt, vary with the purity of the gold. What was the yardstick taken by PW1 to ascertain the market value of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sri. John Varghese, Standing Counsel for the Respondent. ORDER The accused in C.C. No. 45 of 1993 on the files of the Court of the Addl. Chief Judicial Magistrate, Economic Offence, Ernakulam, filed this Revision Petition challenging the concurrent finding of conviction and sentence passed by the courts below under Section 135 (1) (i) of the Customs Act, 1962. 2. The prosecution al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ambit of Section 135 (1) (ii) of the Customs Act. The evidence of PW1 would show that he ascertained the market value from the newspapers. However, no such newspaper was produced to prove the then existing market value. 5. The learned counsel for the revision petitioner has submitted that the information received from the Internet would show that the then existing market value of gold was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... des to adduce evidence regarding the market value of the gold involved in this case during the relevant period. For the said reason, I am inclined to set aside the judgment of the appellate court and remit the matter to the appellate court. 6. In the result, this Revision Petition stands allowed setting aside the conviction and sentence passed by the appellate court under Sec. 135 (1) (i) of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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