https://www.taxtmi.com/caselaws?id=459925 The Gujarat HC upheld the CESTAT's decision, rejecting the revenue's appeal and affirming the legality of the transactions involving rough diamonds. The court concluded that the diamonds were compliant with the Kimberley Process Certification Scheme (KPCS) and procured before the relevant date, thus not subject to confiscation. The HC emphasized the importance of compliance with KPCS and the authenticity of documentation, determining that the revenue failed to substantiate claims of smuggling. Consequently, the confiscation and penalties were set aside, supporting the assessee's position. en-us Fri, 05 Apr 2024 00:00:00 +0530 Fri, 03 Jan 2025 20:22:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459925 The Gujarat HC upheld the CESTAT's decision, rejecting the revenue's appeal and affirming the legality of the transactions involving rough diamonds. The court concluded that the diamonds were compliant with the Kimberley Process Certification Scheme (KPCS) and procured before the relevant date, thus not subject to confiscation. The HC emphasized the importance of compliance with KPCS and the authenticity of documentation, determining that the revenue failed to substantiate claims of smuggling. Consequently, the confiscation and penalties were set aside, supporting the assessee's position. Case-Laws Customs Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459925