https://www.taxtmi.com/caselaws?id=420863 Allegations of circular trading and overvaluation in export transactions failed because the Revenue did not produce independent, credible corroboration of the essential links, including identity of the goods in a trading cycle, any compensatory money trail, or reliable proof that the consignments were overvalued to obtain ineligible drawback. The record also showed material differences between imported and exported goods, and the market survey evidence was too vague to support revaluation. Statements relied upon by the Revenue were not tested in accordance with Section 138B of the Customs Act, and no valid reason was recorded to dispense with that safeguard. On that evidentiary basis, confiscation, drawback denial and penalties could not be sustained. en-us Thu, 24 Mar 2022 00:00:00 +0530 Tue, 12 Apr 2022 09:16:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420863 Allegations of circular trading and overvaluation in export transactions failed because the Revenue did not produce independent, credible corroboration of the essential links, including identity of the goods in a trading cycle, any compensatory money trail, or reliable proof that the consignments were overvalued to obtain ineligible drawback. The record also showed material differences between imported and exported goods, and the market survey evidence was too vague to support revaluation. Statements relied upon by the Revenue were not tested in accordance with Section 138B of the Customs Act, and no valid reason was recorded to dispense with that safeguard. On that evidentiary basis, confiscation, drawback denial and penalties could not be sustained. Case-Laws Customs Thu, 24 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420863