Penalty for duty evasion revised; prompt payment of assessed duty and interest yields a substantially reduced penalty. Amendment to section 112 substitutes sub-clause (ii) to prescribe a penalty for dutiable goods not exceeding ten per cent. of the duty sought to be evaded or five thousand rupees, whichever is higher, subject to section 114A. If duty determined under section 28(8) and interest under section 28AA are paid within thirty days of communication of the proper officer's order, the penalty payable is reduced to twenty-five per cent. of the penalty so determined.
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Penalty for duty evasion revised; prompt payment of assessed duty and interest yields a substantially reduced penalty.
Amendment to section 112 substitutes sub-clause (ii) to prescribe a penalty for dutiable goods not exceeding ten per cent. of the duty sought to be evaded or five thousand rupees, whichever is higher, subject to section 114A. If duty determined under section 28(8) and interest under section 28AA are paid within thirty days of communication of the proper officer's order, the penalty payable is reduced to twenty-five per cent. of the penalty so determined.
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