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2011 (6) TMI 207 - AT - CustomsConfiscation - The recovered 265 carats of cut and polished diamonds were valued at Rs. 17,32,406/- by the Appraiser, Gem and Jewellery Complex, SEEPZ - Immediate stock taking of diamonds of M/s. Tara Jewels Exports Ltd. were undertaken which revealed that they had in stock inter alia 4 packets in white wrapping containing cut and polished diamonds weighing 265 carats equal to the quantity which was also imported and was being removed surreptitiously and seized by the customs at the SEEPZ gate - These diamonds were permitted to be imported by the appellant, M/s. Tara Jewels Exports Ltd., duty free subject to the condition that they are used in the manufacture of studded jewellery and for export thereafter - Held that: the order of the adjudicating authority confiscating absolutely 265 carats of cut and polished diamonds seized from Shri Dharmesh K. Pandya cannot be faulted Regarding penalty - Since the value of the goods involved in this case is only Rs. 17,32,406/- we find that the penalty of Rs. 10 lakhs is much on the higher side and, therefore, we reduce the penalty from Rs. 10 lakhs to Rs. 5 lakhs - The appeals are disposed of
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