https://www.taxtmi.com/caselaws?id=165251 The Supreme Court of India reversed the Appellate Tribunal's decision and upheld the confiscation of rough diamonds and penalty due to lack of proof of overvaluation. The Court found discrepancies in expert reports and no evidence of a relationship between the appellant and the foreign supplier, casting doubt on the declared value. It ruled that re-export without a Kimberley Process Certificate did not justify absolute confiscation, allowing re-export without a redemption fine. en-us Thu, 01 Apr 2010 00:00:00 +0530 Fri, 19 May 2017 13:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165251 The Supreme Court of India reversed the Appellate Tribunal's decision and upheld the confiscation of rough diamonds and penalty due to lack of proof of overvaluation. The Court found discrepancies in expert reports and no evidence of a relationship between the appellant and the foreign supplier, casting doubt on the declared value. It ruled that re-export without a Kimberley Process Certificate did not justify absolute confiscation, allowing re-export without a redemption fine. Case-Laws Customs Thu, 01 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165251