https://www.taxtmi.com/caselaws?id=124662 The case involved the recovery of duty foregone at the time of import of polyester filament yarn and the imposition of a penalty under Section 114A of the Customs Act, 1962. The Tribunal upheld the Revenue's appeal, setting aside the initial penalty of Rs. 1,00,000 and enhancing it to Rs. 7,20,823. The decision emphasized the strict application of penalties in cases of duty evasion or misstatement, in line with statutory provisions and judicial precedents. en-us Fri, 29 Aug 2008 00:00:00 +0530 Wed, 03 Oct 2012 18:44:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=124662 The case involved the recovery of duty foregone at the time of import of polyester filament yarn and the imposition of a penalty under Section 114A of the Customs Act, 1962. The Tribunal upheld the Revenue's appeal, setting aside the initial penalty of Rs. 1,00,000 and enhancing it to Rs. 7,20,823. The decision emphasized the strict application of penalties in cases of duty evasion or misstatement, in line with statutory provisions and judicial precedents. Case-Laws Customs Fri, 29 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=124662