2017 (12) TMI 1178

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.... Shri K.M. D'Souza, Asst. Commr (AR) - for respondent ORDER Per: D.N. Panda None present for the appellant. 2. Revenue's submission is that the imported cut & polished Diamonds came from Hong Kong declaring value thereof at US$ 1347000 CIF equivalent to Indian rupee of 5,44,86,150/-. That was assessed at a value of Rs. 5,50,31,012/-. 3. When testing of the sample was done by t....

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....ived at US$ 904444.51 equivalent to Indian Rs. 3,65,84,780.43 (at the exchange rate of Rs. 40.45 per US dollar). 5. When cross-examination of Trade Panel Members was made by appellant, the appellant failed to find any basis to contradict stand of the Panel Members. Further, broker Shri Prakash Shah stated in his statement on 08.05.2008 that if the diamonds imported shall be subject to second va....

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....f any basis to disturb adjudication findings, order for confiscation and levy of penalties by the learned adjudicating authority does not call for interference. 9. We are surprised to notice from the order of the learned adjudicating authority that when value of diamonds imported was mis-declared and that was confiscated, imposition of a token redemption fine of Rs. 5,00,000/- under misplaced s....