https://www.taxtmi.com/caselaws?id=30133 The Tribunal set aside the penalty imposed on the appellant company and its Chairman for the confiscation of a consignment of "Colorless Sapphire" initially declared as rough diamonds but found to be semi-precious stones. It was concluded that there was no deliberate misdeclaration or intention to remit extra foreign exchange. The Tribunal ruled in favor of the appellants, emphasizing their lack of awareness regarding the imported goods and granted consequential relief, allowing the appeals. en-us Fri, 07 Mar 2008 00:00:00 +0530 Sat, 09 Aug 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30133 The Tribunal set aside the penalty imposed on the appellant company and its Chairman for the confiscation of a consignment of "Colorless Sapphire" initially declared as rough diamonds but found to be semi-precious stones. It was concluded that there was no deliberate misdeclaration or intention to remit extra foreign exchange. The Tribunal ruled in favor of the appellants, emphasizing their lack of awareness regarding the imported goods and granted consequential relief, allowing the appeals. Case-Laws Customs Fri, 07 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30133