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2016 (8) TMI 924 - AT - CustomsImposition of penalty - Section 112(b) of Customs Act, 1962 – rough diamonds – Kimberley Process Certificate – seizure – confiscation – Held that: - the appellants had brought the subject Rough Diamonds from Kenya illicitly and the same were recovered and seized from them - penalty imposable under section 112(b) of the customs act,1962. Quantum of penalty – Held that: - the subject Rough Diamonds should be valued by two experts, one chosen by the appellants and one by the Revenue from a panel of experts nominated by GJEPC and these experts should value the subject Rough Diamonds as per the value prevalent at the time of seizure of the subject rough diamonds. On the basis of the said value fixed by the experts, and the role of the appellants, the quantum of penalty should be re-quantified – matter remanded to original authority for quantification of penalty – application disposed off – decided partly in favor of appellant.
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