https://www.taxtmi.com/caselaws?id=219146 The High Court affirmed the CESTAT's decision confirming a duty demand of Rs. 12,31,86,708/- and penalty, ordering confiscation of diamonds, and imposing a redemption fine. The appellant's failure to maintain proper records led to the upheld confiscation of diamonds imported without payment of duty and exported without proof of licit import. The court rejected the appellant's arguments regarding the correlation of imported and exported diamonds, emphasizing the necessity of consignment-wise value addition verification. The judgment favored the respondent, granting a stay of eight weeks upon the appellant's request. en-us Wed, 09 May 2012 00:00:00 +0530 Thu, 06 Dec 2012 08:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219146 The High Court affirmed the CESTAT's decision confirming a duty demand of Rs. 12,31,86,708/- and penalty, ordering confiscation of diamonds, and imposing a redemption fine. The appellant's failure to maintain proper records led to the upheld confiscation of diamonds imported without payment of duty and exported without proof of licit import. The court rejected the appellant's arguments regarding the correlation of imported and exported diamonds, emphasizing the necessity of consignment-wise value addition verification. The judgment favored the respondent, granting a stay of eight weeks upon the appellant's request. Case-Laws Customs Wed, 09 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219146