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(6) Confiscation of unaccounted diamonds exported during 1998-99, 1999-2000 valued at Rs.27,00,76,393/-.

At this juncture, it would be necessary to note a few factual aspects.

The partners of M/s B.V. Star and M/s. B.V. Jewels are the same except that M/s B.V. Jewels had an additional partner i.e. Mr. Vijay Shah. Both the firms are gems and jewellery units set up in SEEPZ and engaged in the manufacture and export of studded gold jewellery. Originally B.V. Star was allotted a plot No.55 in the Zone where they had constructed a building having four floors. In 1995 a request was made by B/s B.V. Star to the Development Commissioner to permit M/s B.V. Jewels to shift their factory from Gala to operate from Ist and 3rd floor of M/s B.V. Star's building. Same was permitted. Accordingly, M/s B.V. Star operated from the 2nd and 4th floors while M/s B.V. Jewels operated from the other two floors. During stock taking, as noted above, the Accounts Manager, Shri Ramesh Iyer informed the department officials that partners Mr. Suresh Mehta and Mr. Suken Mehta had kept some diamonds separately. On 3.2.2000, Suresh Mehta produced 3861.65 carats of diamonds the value of which varied between $40 to 50 per carat. By letter dated 3.2.2000 the physical stock of gold and diamonds as per the inventory sheet prepared by the departmental authorities was confirmed. It was specifically stated that there was no separate stock of gold and diamonds of M/s B.V. Star as it was included in the stock of M/s B.V. Jewels. The seized stock of diamond and gold were revalued by an appraiser.