https://www.taxtmi.com/caselaws?id=761229 CESTAT Mumbai ruled on rough diamond valuation disputes where customs authorities reassessed declared values and imposed absolute confiscation. The tribunal found that while first appellate authority enhanced confiscation gravity, this didn't violate natural justice principles. However, absolute confiscation was deemed inappropriate as lack of certificate match wasn't grounds for such action, and conflict diamonds should have been repatriated rather than confiscated absolutely. The court set aside absolute confiscation, remanded for value re-determination under Customs Valuation Rules 2007, and held only misdeclared portions liable for conditional confiscation with redemption option, allowing remaining goods clearance for home consumption. en-us Tue, 05 Nov 2024 00:00:00 +0530 Thu, 07 Nov 2024 08:47:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761229 CESTAT Mumbai ruled on rough diamond valuation disputes where customs authorities reassessed declared values and imposed absolute confiscation. The tribunal found that while first appellate authority enhanced confiscation gravity, this didn't violate natural justice principles. However, absolute confiscation was deemed inappropriate as lack of certificate match wasn't grounds for such action, and conflict diamonds should have been repatriated rather than confiscated absolutely. The court set aside absolute confiscation, remanded for value re-determination under Customs Valuation Rules 2007, and held only misdeclared portions liable for conditional confiscation with redemption option, allowing remaining goods clearance for home consumption. Case-Laws Customs Tue, 05 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761229