https://www.taxtmi.com/caselaws?id=76329 Declared transaction value of imported rough diamonds could not be rejected on successive expert panel reports and investigative statements alone, because the first departmental panel had accepted the invoice value and no contemporaneous evidence showed fabricated invoices, a fake transaction, or a related-party arrangement; the declared value was therefore accepted. Absolute confiscation under the Customs Act was unsustainable once overvaluation was not proved, and the rough-diamond circular supported re-export where the Kimberley Process Certificate was produced within the relevant time; re-export was allowed. Penalty could not be sustained where the goods were customs-duty exempt and no valid misdeclaration was established; the penalties were set aside. en-us Fri, 07 Aug 2009 00:00:00 +0530 Fri, 20 Nov 2015 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76329 Declared transaction value of imported rough diamonds could not be rejected on successive expert panel reports and investigative statements alone, because the first departmental panel had accepted the invoice value and no contemporaneous evidence showed fabricated invoices, a fake transaction, or a related-party arrangement; the declared value was therefore accepted. Absolute confiscation under the Customs Act was unsustainable once overvaluation was not proved, and the rough-diamond circular supported re-export where the Kimberley Process Certificate was produced within the relevant time; re-export was allowed. Penalty could not be sustained where the goods were customs-duty exempt and no valid misdeclaration was established; the penalties were set aside. Case-Laws Customs Fri, 07 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76329