https://www.taxtmi.com/manuals?id=2354 Penalties under Section 112 apply to acts or omissions making goods liable to confiscation or to persons dealing with such goods. Distinct ceilings are prescribed: for prohibited goods, up to the value of the goods or Rs.5,000; for dutiable goods where duty is sought to be evaded, up to ten percent of the duty sought to be evaded or Rs.5,000; for overdeclared value, up to the difference or Rs.5,000; and combined-application rules for overlapping categories. If duty and interest are paid within 30 days, the penalty is limited to 25% of the penalty determined. en-us Sun, 05 Mar 2023 14:00:00 +0530 Tue, 07 Mar 2023 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=2354 Penalties under Section 112 apply to acts or omissions making goods liable to confiscation or to persons dealing with such goods. Distinct ceilings are prescribed: for prohibited goods, up to the value of the goods or Rs.5,000; for dutiable goods where duty is sought to be evaded, up to ten percent of the duty sought to be evaded or Rs.5,000; for overdeclared value, up to the difference or Rs.5,000; and combined-application rules for overlapping categories. If duty and interest are paid within 30 days, the penalty is limited to 25% of the penalty determined. Manuals Customs Sun, 05 Mar 2023 14:00:00 +0530 https://www.taxtmi.com/manuals?id=2354