No Proof of Misdeclaration/Overvaluation: Penalty on Diamond Firm Director quahed

Prakash Goti Vs Commissioner of Customs (Airport & ACC) (CESTAT Kolkata) Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Kolkata, has overturned a penalty of ₹5,94,096 imposed on Prakash Goti, a director of M/s. Dharmanandan Diamonds Private Limited, Mumbai. The Tribunal’s decision, issued on June 19, 2025, concluded that there was no sufficient evidence linking Goti or his company to alleged misdeclaration or overvaluation of imported diamonds by other firms. The case originated from an investigation by the Directorate of Revenue Intelligence (DRI), Surat, into M/s. ...