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of <h1>Penalty for Customs Duty Evasion: Section 114A Imposes Penalties for Collusion or Misstatements, Offers 25% Reduction for Prompt Payment</h1> Section 114A of the Customs Act, 1962, addresses penalties for non-levy or short-levy of customs duty due to collusion, misstatements, or suppression of facts. The liable person must pay a penalty equal to the determined duty or interest. If payment is made within 30 days of the order, the penalty is reduced to 25%. Adjustments are made if the duty or interest is altered by appellate authorities. No additional penalties under sections 112 or 114 apply if a penalty is levied under this section. The section also applies to notices issued before the Finance Act, 2000.
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