Cut & polished diamonds, gold jewellery exports valid. No circular trading, license misuse found. Revenue's allegations dismissed.

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....Circular trading allegations of Cut and Polished Diamonds (CPD) and Gold Jewellery, over-invoicing exports of studded Gold Jewellery, misuse of Target Plus Scheme were raised. However, identical allegations were previously set aside by the Tribunal, affirmed by Supreme Court, holding no inter-relationship between parties, no circular trading. Joint DGFT order accepted no circular trading, exports valid for discharge of Advance License obligations. DGFT didn't cancel licenses or take action against respondents. Revenue's allegation of misdeclared exports/imports for fraudulent benefits not accepted. No grounds for duty demand, confiscation, or penalties found. Appeals by Revenue dismissed, upholding adjudicating authority's orders.....