Reduced penalty for prompt payment: reduced penalty applies if assessed duty and interest are paid within the prescribed period. The amendment creates a reduced-penalty regime where duty or interest determined on assessment and interest thereon, if paid within thirty days of communication of the determination, attract a reduced penalty; the reduced benefit requires payment of the reduced penalty within that period. Adjustments following appellate or judicial variation treat the altered duty or interest as operative, and increased assessments permit the reduced benefit only if the increased liability, interest, and proportionate penalty increase are paid within thirty days. The provision bars concurrent penalties under other specified sections and permits adjustment of prior payments against total dues.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reduced penalty for prompt payment: reduced penalty applies if assessed duty and interest are paid within the prescribed period.
The amendment creates a reduced-penalty regime where duty or interest determined on assessment and interest thereon, if paid within thirty days of communication of the determination, attract a reduced penalty; the reduced benefit requires payment of the reduced penalty within that period. Adjustments following appellate or judicial variation treat the altered duty or interest as operative, and increased assessments permit the reduced benefit only if the increased liability, interest, and proportionate penalty increase are paid within thirty days. The provision bars concurrent penalties under other specified sections and permits adjustment of prior payments against total dues.
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