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of <h1>Section 114A: Penalty for Short-Levied Customs Duty or Interest Due to Misstatements or Collusion</h1> Section 114A, introduced by the Finance (No. 2) Act, 1996, amends the Customs Act by imposing a penalty for cases where customs duty or interest has not been levied, has been short-levied, or has been erroneously refunded due to collusion, willful misstatements, or suppression of facts. The liable party must pay a penalty equal to the duty or interest determined under section 28. Adjustments to the duty or interest by the Commissioner (Appeals), Appellate Tribunal, or court are considered. If a penalty is levied under this section, no additional penalty will be imposed under sections 112 or 114.
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