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of <h1>Section 114A of Customs Act: Penalty for Duty Evasion via Collusion or Misstatement, 25% Reduction if Paid in 30 Days.</h1> Section 114A of the Customs Act, 1962 mandates a penalty in cases of duty or interest evasion due to collusion, misstatement, or suppression of facts. The liable party must pay a penalty equal to the duty or interest determined under Section 28(8). If paid within 30 days, the penalty is reduced to 25%. Adjustments in duty or interest by higher authorities affect the penalty calculation, and the reduced penalty applies if paid within 30 days. Penalties under Section 114A preclude penalties under Sections 112 or 114, and prior payments are adjusted against the total due.
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