https://www.taxtmi.com/caselaws?id=333987 The Tribunal partially allowed the appeal, reducing the penalty imposed on the appellant under Section 112 of the Customs Act, 1962, from Rs. 23,08,177 to Rs. 5 lakhs. The Tribunal found the appellant liable for penalty due to involvement in undervaluation, but attributed the primary role to another individual. The retraction of statements by the appellant was considered, leading to the reduction in the penalty amount based on the circumstances of the case. en-us Tue, 27 Sep 2016 00:00:00 +0530 Sat, 07 Jan 2017 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333987 The Tribunal partially allowed the appeal, reducing the penalty imposed on the appellant under Section 112 of the Customs Act, 1962, from Rs. 23,08,177 to Rs. 5 lakhs. The Tribunal found the appellant liable for penalty due to involvement in undervaluation, but attributed the primary role to another individual. The retraction of statements by the appellant was considered, leading to the reduction in the penalty amount based on the circumstances of the case. Case-Laws Customs Tue, 27 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333987