https://www.taxtmi.com/circulars?id=68843 Guidance prescribes specific penalty maxima under the Customs Act for Sections 112, 114A and 114AA: varied caps under Section 112 tied to value, duty evaded or valuation differentials; Section 114A mandates penalty equal to determined duty or interest with a 25% reduced rate if paid within thirty days subject to appellate adjustments; Section 114AA allows up to five times the value of goods for knowingly false material. It directs that 114A penalties preclude penalties under 112 or 114, that 114AA be used sparingly, and that adjudicators give clear reasons for choice and quantum of penalty. en-us Thu, 29 Feb 2024 00:00:00 +0530 Mon, 13 Oct 2025 14:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=68843 Guidance prescribes specific penalty maxima under the Customs Act for Sections 112, 114A and 114AA: varied caps under Section 112 tied to value, duty evaded or valuation differentials; Section 114A mandates penalty equal to determined duty or interest with a 25% reduced rate if paid within thirty days subject to appellate adjustments; Section 114AA allows up to five times the value of goods for knowingly false material. It directs that 114A penalties preclude penalties under 112 or 114, that 114AA be used sparingly, and that adjudicators give clear reasons for choice and quantum of penalty. Circulars Customs Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=68843