https://www.taxtmi.com/acts?id=48650 A new provision imposes a penalty equal to the duty or interest determined to be payable where duty or interest has been short-levied, not levied, or erroneously refunded by reason of collusion, willful misstatement, or suppression of facts; the person determined liable for duty or interest under the assessment mechanism is liable for the penalty, and appellate adjustments to duty or interest are reflected in the penalty calculation, while imposition of this penalty precludes levying alternate penalties for the same default. en-us Wed, 12 Feb 2025 18:08:08 +0530 Wed, 12 Feb 2025 18:08:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=48650 A new provision imposes a penalty equal to the duty or interest determined to be payable where duty or interest has been short-levied, not levied, or erroneously refunded by reason of collusion, willful misstatement, or suppression of facts; the person determined liable for duty or interest under the assessment mechanism is liable for the penalty, and appellate adjustments to duty or interest are reflected in the penalty calculation, while imposition of this penalty precludes levying alternate penalties for the same default. Act-Rules F. Acts / Amendment Acts Wed, 12 Feb 2025 18:08:08 +0530 https://www.taxtmi.com/acts?id=48650