https://www.taxtmi.com/caselaws?id=170288 The Tribunal upheld the Commissioner's imposition of a penalty of Rs. 2,000 on the respondent for misdeclaration of value in an imported consignment of mobile phones. The Revenue's appeal, contending that the penalty should be at least Rs. 5,000 as per Section 112(iii), was dismissed. The Tribunal clarified that while there is an upper-limit for the penalty amount, there is no mandatory lower-limit specified in the provision, supporting the decision to maintain the penalty at Rs. 2,000. en-us Tue, 23 Nov 2010 00:00:00 +0530 Thu, 21 May 2015 17:12:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170288 The Tribunal upheld the Commissioner's imposition of a penalty of Rs. 2,000 on the respondent for misdeclaration of value in an imported consignment of mobile phones. The Revenue's appeal, contending that the penalty should be at least Rs. 5,000 as per Section 112(iii), was dismissed. The Tribunal clarified that while there is an upper-limit for the penalty amount, there is no mandatory lower-limit specified in the provision, supporting the decision to maintain the penalty at Rs. 2,000. Case-Laws Customs Tue, 23 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170288