https://www.taxtmi.com/caselaws?id=378999 The Tribunal reduced the penalties imposed on the Managing Director and General Manager for misdeclaration of imported goods under section 112 of the Customs Act, 1962. Despite finding no alteration to the original findings, the Tribunal considered mens rea in determining the penalty amount. As the misdeed was limited to misdeclaration and the benefits from foreign exchange transactions were nullified, the penalty on the Managing Director was reduced to Rs. 5,00,000 and that on the General Manager to Rs. 1,00,000. en-us Thu, 18 Apr 2019 00:00:00 +0530 Mon, 02 Mar 2020 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378999 The Tribunal reduced the penalties imposed on the Managing Director and General Manager for misdeclaration of imported goods under section 112 of the Customs Act, 1962. Despite finding no alteration to the original findings, the Tribunal considered mens rea in determining the penalty amount. As the misdeed was limited to misdeclaration and the benefits from foreign exchange transactions were nullified, the penalty on the Managing Director was reduced to Rs. 5,00,000 and that on the General Manager to Rs. 1,00,000. Case-Laws Customs Thu, 18 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378999