https://www.taxtmi.com/caselaws?id=264702 FOB value declared for diamond exports could not be rejected merely because the department disputed value addition in bonded warehouses, where contemporaneous customs assessment, witness evidence and export realisation supported the declared price. Allegations of circular trading and artificial inflation under the Target Plus Scheme failed because the records did not prove repeated circulation of the same lots, inter-corporate control or mutuality of business interest, and suspicion alone was insufficient. Commission payments and buyers credit arrangements did not, by themselves, discredit the export declaration or establish circular trading. With no sustainable finding of misdeclaration or liability to confiscation, the customs confiscation and penalty provisions could not be applied. en-us Wed, 26 Aug 2015 00:00:00 +0530 Mon, 22 Feb 2016 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264702 FOB value declared for diamond exports could not be rejected merely because the department disputed value addition in bonded warehouses, where contemporaneous customs assessment, witness evidence and export realisation supported the declared price. Allegations of circular trading and artificial inflation under the Target Plus Scheme failed because the records did not prove repeated circulation of the same lots, inter-corporate control or mutuality of business interest, and suspicion alone was insufficient. Commission payments and buyers credit arrangements did not, by themselves, discredit the export declaration or establish circular trading. With no sustainable finding of misdeclaration or liability to confiscation, the customs confiscation and penalty provisions could not be applied. Case-Laws Customs Wed, 26 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264702