Penalty u/s112(a), 112(b) & 114AA of the Customs Act, 1962 - ...
Customs
December 22, 2022
Penalty u/s112(a), 112(b) & 114AA of the Customs Act, 1962 - fraudulent import of vehicles declared as brand new vehicles of foreign origin - the proceeding is hit by the bar of limitation. Availing of benefit of Notification, which the Revenue subsequently formed an opinion was not available, cannot lead to the charge of misdeclaration or mis-statement, etc. and even if an importer has wrongly claimed the benefit of the exemption, it is for the department to find out the correct legal position and to allow or disallow the same - the quantum of penalty is reduced @10% of the penalty imposed in each case. - AT
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