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TMI Blog2017 (12) TMI 1178X X X X Extracts X X X X X X X X Extracts X X X X ..... - 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 the notified Expert Trade Panel Members, C.I.F value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4,780.43 (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 valuation by any other person, there will be a variation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fiscation 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 sympathy is liable to criticism. Learned Commissioner should h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y importable and attract Nil rate of duty. The case, therefore, deserves a lenient view." 11. With the above observations, all the three appeals are dismissed. 12. Registry is directed to send a copy of this order to Chairman of Board for issuance of proper guidelines to the field to protect interest of the economy as customs is guard of the nation. (Dictated and pronounced in the open Court) X X X X Extracts X X X X X X X X Extracts X X X X
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