https://www.taxtmi.com/caselaws?id=366313 The appellant's penalty under Section 112 of the Customs Act, 1962, for mis-declaration of imported goods was reduced from Rs. 6.50 lakhs to Rs. 3 lakhs by the Tribunal. Despite acknowledging the mis-declaration, the appellant's penalty was reduced due to cooperation with Customs Authorities, willingness for retesting, and payment of higher duty and redemption fine. The judgment emphasizes the importance of accurate declaration of imported goods, consequences of mis-declaration, and the potential for penalty reduction based on importer's rectification efforts. en-us Thu, 19 Jul 2018 00:00:00 +0530 Sat, 01 Sep 2018 07:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366313 The appellant's penalty under Section 112 of the Customs Act, 1962, for mis-declaration of imported goods was reduced from Rs. 6.50 lakhs to Rs. 3 lakhs by the Tribunal. Despite acknowledging the mis-declaration, the appellant's penalty was reduced due to cooperation with Customs Authorities, willingness for retesting, and payment of higher duty and redemption fine. The judgment emphasizes the importance of accurate declaration of imported goods, consequences of mis-declaration, and the potential for penalty reduction based on importer's rectification efforts. Case-Laws Customs Thu, 19 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366313