https://www.taxtmi.com/caselaws?id=116556 The settlement application under Section 127B of the Customs Act, 1962 for evasion of customs duty through under valuation of imported horses resulted in the grant of immunities from penalty and prosecution to the applicants. The applicants admitted duty liability, leading to the grant of immunities despite opposition from the Revenue. However, the Bench decided to levy simple interest at 10% per annum on the duty element due to mala fide intentions, granting immunity from interest exceeding 10% p.a. The immunities granted were in compliance with legal principles, with a requirement for timely interest payment and non-fraudulent acquisition of the settlement order. en-us Mon, 07 Mar 2005 00:00:00 +0530 Wed, 13 Jun 2012 15:37:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116556 The settlement application under Section 127B of the Customs Act, 1962 for evasion of customs duty through under valuation of imported horses resulted in the grant of immunities from penalty and prosecution to the applicants. The applicants admitted duty liability, leading to the grant of immunities despite opposition from the Revenue. However, the Bench decided to levy simple interest at 10% per annum on the duty element due to mala fide intentions, granting immunity from interest exceeding 10% p.a. The immunities granted were in compliance with legal principles, with a requirement for timely interest payment and non-fraudulent acquisition of the settlement order. Case-Laws Customs Mon, 07 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116556