2002 (3) TMI 120

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.... the acceptability of the value declared by the appellant of rough diamonds imported by it. Out of three lots that it imported, the value declared for one was accepted. The department was of the view that the value declared for the other two was excessive and proposed confiscation under clause (m) of Section 111 of the Act. The goods were unconditionally exempted from duty by Notification 36/93. T....

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....3. It is debatable whether the members of the diamond trade would be independent witnesses with regard to the valuation of goods imported by another member of the same trade. In such matter one cannot overlook the fact of competition among these members and expect a member of the panel to rise above such consideration taken impartially. It is however, not necessary for us to rest our decision upon....