https://www.taxtmi.com/acts?id=19227 Substitution of clause (ii) of section 114 prescribes that for dutiable goods (excluding prohibited goods) the penalty is capped at a proportion of the duty sought to be evaded or a specified minimum monetary amount, with the duty and interest determined under the assessment provisions. If the determined duty and interest are paid within thirty days of communication of the assessment order, the payable penalty is reduced to twenty-five per cent. of the penalty so determined. en-us Sat, 28 Feb 2015 20:36:50 +0530 Sat, 28 Feb 2015 20:36:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=19227 Substitution of clause (ii) of section 114 prescribes that for dutiable goods (excluding prohibited goods) the penalty is capped at a proportion of the duty sought to be evaded or a specified minimum monetary amount, with the duty and interest determined under the assessment provisions. If the determined duty and interest are paid within thirty days of communication of the assessment order, the payable penalty is reduced to twenty-five per cent. of the penalty so determined. Act-Rules Bills Sat, 28 Feb 2015 20:36:50 +0530 https://www.taxtmi.com/acts?id=19227