https://www.taxtmi.com/caselaws?id=340127 The penalty imposed on a financial corporation under section 112(b) of the Customs Act, 1962, was set aside by the court. The corporation, unaware of a loan defaulter's duty default, was found not liable for the penalty due to transparent auction processes and lack of malicious intent. The court emphasized the importance of factual accuracy and transparency in duty-related dealings, suggesting penalties should consider circumstances and intentions. The judgment serves as a precedent for cases contesting penalties based on factual timelines and absence of malicious intent in financial transactions involving duty obligations. en-us Thu, 09 Feb 2017 00:00:00 +0530 Tue, 14 Nov 2017 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340127 The penalty imposed on a financial corporation under section 112(b) of the Customs Act, 1962, was set aside by the court. The corporation, unaware of a loan defaulter's duty default, was found not liable for the penalty due to transparent auction processes and lack of malicious intent. The court emphasized the importance of factual accuracy and transparency in duty-related dealings, suggesting penalties should consider circumstances and intentions. The judgment serves as a precedent for cases contesting penalties based on factual timelines and absence of malicious intent in financial transactions involving duty obligations. Case-Laws Customs Thu, 09 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340127