https://www.taxtmi.com/caselaws?id=49123 Penalty under Section 116 of the Customs Act, 1962 is to be computed by reference to the tariff rate, not the effective rate, and the contention that a nil effective rate should govern was rejected. The reduction of penalty by the appellate authority was upheld because it was based on the attendant circumstances and the extent of shortage, and a lenient quantification was treated as a matter of subjective satisfaction. Mere disagreement with the quantum was held insufficient to show perversity or arbitrariness, so no interference was warranted in review and the review proceedings were dropped. en-us Tue, 31 Mar 1992 00:00:00 +0530 Mon, 09 Aug 2010 17:13:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49123 Penalty under Section 116 of the Customs Act, 1962 is to be computed by reference to the tariff rate, not the effective rate, and the contention that a nil effective rate should govern was rejected. The reduction of penalty by the appellate authority was upheld because it was based on the attendant circumstances and the extent of shortage, and a lenient quantification was treated as a matter of subjective satisfaction. Mere disagreement with the quantum was held insufficient to show perversity or arbitrariness, so no interference was warranted in review and the review proceedings were dropped. Case-Laws Central Excise Tue, 31 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49123