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of <h1>New Section 114AB in Customs Act: Penalty for Fraudulent Use of Instruments to Evade Duty, as per Finance Bill 2019.</h1> Clause 75 of the Finance (No. 2) Bill, 2019 proposes the insertion of section 114AB into the Customs Act. This section establishes that any individual who obtains an instrument through fraudulent means, such as collusion, misstatement, or suppression of facts, and uses it to discharge duty, will face a penalty up to the instrument's face value. The term 'instrument' is defined as per Explanation 1 to section 28AAA.
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