Overvaluation of imported goods - cut and polished diamonds - ...

Customs

August 30, 2023

Overvaluation of imported goods - cut and polished diamonds - There has been blatant disregard not only of the scheme of valuation, now in force and consistent with international convention, as set out in Customs Act, 1962 and Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 but also in the particulars of process and method embodied therein. - Demand and confiscation order set aside - AT

View Source

← Previous Next →

Overvaluation of imported goods - cut and polished diamonds - ...

Customs

August 30, 2023

You may also like:

Re-classification of imported goods - cut and polished diamonds - While the impugned goods may not be ‘rough diamonds’ as mined and may have undergone working before its...

Additional depreciation - The cut and polished diamond could not be treated a new article or thing and that cutting and polishing of diamonds cannot be held...

Undue benefit of Target Plus Scheme (TPS) - Export of cut and polished diamonds (CPD) without value addition - warehousing of imported CPD - it is alleged that after...

Smuggling of goods - Cut & polished diamonds and Gold jewellery recovered from the baggage/person - Accounting procedures – No evidence had been brought on record by...

Entitlement to duty free clearance - Return (import) of export goods (unsold) - undeclared quantity of cut and polished diamonds - As the goods are yet to be cleared for...

Deduction u/s 80JJA - cutting and polishing of diamond is a manufacturing or production of article or thing for claiming deduction u/s 80JJAA of the Act - AT

Deduction u/s 80IC - the cutting and polishing of diamond amounts to manufacturing or production of article or thing as envisaged for the purpose of claiming deduction...

Activity of cutting and polishing of granites amount to manufacture only from 1-3-2006 - HC

Addition made u/s 69 - unexplained investment - Shortage of rough diamonds means either same were sold outside India of which are available for investment or it has been...

Classification of imported goods - Raw Jute cutting grade imported by the appellant from Bangladesh through LCS Petrapole - to be classified as raw jute cutting grade...

Availment of exemption under Advance License Scheme - Classification of imported goods - goods imported by the appellant qualifies as crude iodine, hence eligible for...

Valuation of imported goods - NIDB data cannot be used to enhance the value of imported goods.

Permission for re-export of imported diamonds on paying the penalty and redemption fine - Import of rough diamonds without KP (Kimberly Process) certificate - The...

Duty Free Import Authorization (DFIA) Scheme - If the applicant is aggrieved by the application of the Duty Free Import Authorization Scheme to the parties like the...

Classification of imported goods - Zircon Sand Bulk (Zirconium Ore) - Only on the fact that the goods have undergone processes of cleaning, washing and drying, it cannot...

Quick Updates: