TaxTMI 
TaxTMI 
1999 (12) TMI 404
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....ondents. [Order per : J.H. Joglekar, Member (T)]. - After hearing Shri K.M. Mondal, learned Consultant and Shri Deepak Kumar, learned SDR for the Revenue, it was felt that the main appeal could itself be taken up for disposal. This was done after granting waiver of deposit of Rs. 10 lakhs imposed as penalty. 2. An export consignment of diamonds was seized on the grounds of overvaluation. ....
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...., however, observed that when 1/3rd of the diamonds are cut and polished the same could not be allocated to any import documents. In this belief he confiscated the diamonds and imposed penalty. 3. Shri Mondal made the grievance that neither the appraiser'sreport nor the trade panel report was given to the exporter. In this manner the exporters were not able to make any statement in contest. ....
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.... the valuation cannot be called excessive. The learned Commissioner in his finding accepted existence of these diamonds but ruled that it could not be allocated to any particular import document. It is possible to do so in the light of the very small transactions made by this company. In fact this was the second export out of two imports. It is also not known as to the basis of the opinion of the ....