https://www.taxtmi.com/caselaws?id=377594 The Tribunal set aside the penalties under Section 114A of the Customs Act, 1962, as there was no willful misstatement or suppression of facts. However, the penalty under Section 114AA was reduced to Rs. 5 lakhs due to the lapse in declaring the relationship with the exporter. The appeal was disposed of based on these findings, with the appellant's prompt rectification of the discrepancy being a key factor in the decision. en-us Mon, 25 Mar 2019 00:00:00 +0530 Fri, 21 Feb 2020 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377594 The Tribunal set aside the penalties under Section 114A of the Customs Act, 1962, as there was no willful misstatement or suppression of facts. However, the penalty under Section 114AA was reduced to Rs. 5 lakhs due to the lapse in declaring the relationship with the exporter. The appeal was disposed of based on these findings, with the appellant's prompt rectification of the discrepancy being a key factor in the decision. Case-Laws Customs Mon, 25 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377594