https://www.taxtmi.com/caselaws?id=404753 Penalty under Section 114 of the Customs Act was held unsustainable where interest had not been quantified, and the point was decided against the Revenue. CBEC Circular No. 61/2002 was treated as binding on the adjudicating authorities, with the issue again resolved in favour of the assessee. The interpretative question under Section 114A, whether "or" should be read as "and" for imposing penalty, was answered by applying the reasoning in the connected judgment and likewise went against the Revenue. All substantial questions of law were thus resolved against the appellant, and the appeal was found to lack merit. en-us Wed, 10 Feb 2021 00:00:00 +0530 Wed, 03 Mar 2021 10:52:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404753 Penalty under Section 114 of the Customs Act was held unsustainable where interest had not been quantified, and the point was decided against the Revenue. CBEC Circular No. 61/2002 was treated as binding on the adjudicating authorities, with the issue again resolved in favour of the assessee. The interpretative question under Section 114A, whether "or" should be read as "and" for imposing penalty, was answered by applying the reasoning in the connected judgment and likewise went against the Revenue. All substantial questions of law were thus resolved against the appellant, and the appeal was found to lack merit. Case-Laws Customs Wed, 10 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404753