https://www.taxtmi.com/acts?id=12164 Tiered penalty provisions impose full-duty-equivalent penalty where omission results from fraud, collusion, wilful misstatement, suppression of facts or contravention with intent to evade; a reduced fixed penalty applies where specified records disclose omitted or short-paid duty, with a further reduction if duty and interest are paid promptly after assessment. Penalties and interest are automatically adjusted to reflect modifications made by appellate bodies, and payment obligations and timelines follow the appellate modification when amounts increase. en-us Sat, 09 Apr 2011 13:00:07 +0530 Sun, 10 Apr 2011 11:38:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12164 Tiered penalty provisions impose full-duty-equivalent penalty where omission results from fraud, collusion, wilful misstatement, suppression of facts or contravention with intent to evade; a reduced fixed penalty applies where specified records disclose omitted or short-paid duty, with a further reduction if duty and interest are paid promptly after assessment. Penalties and interest are automatically adjusted to reflect modifications made by appellate bodies, and payment obligations and timelines follow the appellate modification when amounts increase. Act-Rules F. Acts / Amendment Acts Sat, 09 Apr 2011 13:00:07 +0530 https://www.taxtmi.com/acts?id=12164