https://www.taxtmi.com/caselaws?id=173785 The Tribunal upheld the confiscation and redemption fine of Rs. 4 lakhs for a consignment of cut and polished diamonds due to misdeclaration under the Customs Act. Additionally, a penalty of Rs. 1,00,000 was imposed on the appellants for unreported diamonds during re-import, emphasizing the necessity of accurate declarations in sensitive commodity trading. The decision aimed to enforce compliance with customs regulations and deter misdeclarations in international trade transactions. en-us Fri, 17 Oct 2014 00:00:00 +0530 Tue, 22 Sep 2015 14:43:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173785 The Tribunal upheld the confiscation and redemption fine of Rs. 4 lakhs for a consignment of cut and polished diamonds due to misdeclaration under the Customs Act. Additionally, a penalty of Rs. 1,00,000 was imposed on the appellants for unreported diamonds during re-import, emphasizing the necessity of accurate declarations in sensitive commodity trading. The decision aimed to enforce compliance with customs regulations and deter misdeclarations in international trade transactions. Case-Laws Customs Fri, 17 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173785