https://www.taxtmi.com/caselaws?id=767055 CESTAT Allahabad dismissed revenue's appeal regarding penalty calculation under Section 114A of Customs Act, 1962. The Tribunal held that penalty should equal either duty or interest, not both combined. Following precedent from Khanna Traders Engineers case and Karnataka HC's Sony Sales Corporation decision, the Tribunal emphasized that Section 114A uses "or" not "and" between duty and interest. The provision's plain language requires penalty equal to duty or interest as determined, rejecting revenue's contention that interest should be added to duty shortfall for penalty calculation purposes. en-us Mon, 24 Feb 2025 00:00:00 +0530 Mon, 10 Mar 2025 08:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767055 CESTAT Allahabad dismissed revenue's appeal regarding penalty calculation under Section 114A of Customs Act, 1962. The Tribunal held that penalty should equal either duty or interest, not both combined. Following precedent from Khanna Traders Engineers case and Karnataka HC's Sony Sales Corporation decision, the Tribunal emphasized that Section 114A uses "or" not "and" between duty and interest. The provision's plain language requires penalty equal to duty or interest as determined, rejecting revenue's contention that interest should be added to duty shortfall for penalty calculation purposes. Case-Laws Customs Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767055