https://www.taxtmi.com/highlights?id=96943 Imposition of penalty under section 114A requires collusion or wilful mis-statement or suppression of facts; the tribunal found none where the appellant self-assessed Bills of Entry under a bona fide belief of entitlement to an exemption notification. The reasoning held that an incorrect self-assessment alone does not establish suppression or wilful mis-statement and that reassessment is the statutory remedy for such errors. Consequently, the penalty under section 114A was set aside and the appellant granted consequential relief. en-us Tue, 17 Feb 2026 10:02:58 +0530 Tue, 17 Feb 2026 10:02:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96943 Imposition of penalty under section 114A requires collusion or wilful mis-statement or suppression of facts; the tribunal found none where the appellant self-assessed Bills of Entry under a bona fide belief of entitlement to an exemption notification. The reasoning held that an incorrect self-assessment alone does not establish suppression or wilful mis-statement and that reassessment is the statutory remedy for such errors. Consequently, the penalty under section 114A was set aside and the appellant granted consequential relief. Highlights Customs Tue, 17 Feb 2026 10:02:58 +0530 https://www.taxtmi.com/highlights?id=96943