https://www.taxtmi.com/caselaws?id=770769 Tribunal case involving customs duty penalty under Section 112(a)(ii). SC rejected penalty imposition against CFO due to absence of conscious duty evasion. Court emphasized that penal provisions require strict interpretation and mental element of fraud. Provisional valuation and final assay reconciliation do not constitute deliberate evasion. Penalty was set aside, affirming that mere value discrepancy without fraudulent intent cannot trigger statutory penalties. en-us Tue, 13 May 2025 00:00:00 +0530 Fri, 16 May 2025 08:40:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770769 Tribunal case involving customs duty penalty under Section 112(a)(ii). SC rejected penalty imposition against CFO due to absence of conscious duty evasion. Court emphasized that penal provisions require strict interpretation and mental element of fraud. Provisional valuation and final assay reconciliation do not constitute deliberate evasion. Penalty was set aside, affirming that mere value discrepancy without fraudulent intent cannot trigger statutory penalties. Case-Laws Customs Tue, 13 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770769