https://www.taxtmi.com/caselaws?id=754172 CESTAT Mumbai set aside penalty imposed under Section 114AA of Customs Act, 1962 on a partner of customs broker firm for undervaluation of imported power tools from China. The tribunal held that Section 114AA requires mens rea or conscious knowledge, which was absent as the customs broker merely facilitated imports based on documents provided by importers. The provision does not apply where there is no dummy export or criminal intent for duty evasion, only short payment due to undervaluation by importers. en-us Mon, 03 Jun 2024 00:00:00 +0530 Wed, 19 Jun 2024 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754172 CESTAT Mumbai set aside penalty imposed under Section 114AA of Customs Act, 1962 on a partner of customs broker firm for undervaluation of imported power tools from China. The tribunal held that Section 114AA requires mens rea or conscious knowledge, which was absent as the customs broker merely facilitated imports based on documents provided by importers. The provision does not apply where there is no dummy export or criminal intent for duty evasion, only short payment due to undervaluation by importers. Case-Laws Customs Mon, 03 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754172