https://www.taxtmi.com/news?id=1629 Redrafted recovery provisions distinguish extended limitation cases, allowing a mandatory 50% of duty penalty where transactions are recorded in specified books and permitting remission to that level; compounding relief is limited to this category with reduced penalties for pre-notice or early payment. Interest provisions are consolidated to run from the month after duty fell due or from the date of erroneous refund. A first charge on a defaulter's property is created for excise dues, subject to creditor-priority statutes, while search powers, customs machinery borrowing for compounded levies, Board instructions on appeal thresholds, and legal metrology cross-references are amended. en-us Mon, 28 Feb 2011 17:29:24 +0530 Mon, 28 Feb 2011 17:29:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=1629 Redrafted recovery provisions distinguish extended limitation cases, allowing a mandatory 50% of duty penalty where transactions are recorded in specified books and permitting remission to that level; compounding relief is limited to this category with reduced penalties for pre-notice or early payment. Interest provisions are consolidated to run from the month after duty fell due or from the date of erroneous refund. A first charge on a defaulter's property is created for excise dues, subject to creditor-priority statutes, while search powers, customs machinery borrowing for compounded levies, Board instructions on appeal thresholds, and legal metrology cross-references are amended. News - Mon, 28 Feb 2011 17:29:24 +0530 https://www.taxtmi.com/news?id=1629