No Circular Trading in Diamond & Gold Exports: CESTAT Dismisses Revenue Appeal

Commissioner of Customs Vs Inter Continental India (CESTAT Ahmedabad) CESTAT Ahmedabad held that there is no circular trading of cut and polished diamonds and gold jewellery exported. Further, also held that revenue has failed to prove misdeclaration. Accordingly, appeals of revenue dismissed. Facts- Intelligence was received by the officers of DRI to the effect that M/s Adani Exports Ltd., (Now Adani Enterprises Ltd.) have formed a consortium with various companies and thereby indulged in mis-declaration of FOB value and circular trading of Cut and Polished Diamonds (CPD) and Gold Jewellery ...