https://www.taxtmi.com/article/detailed?id=16198 Local purchasers of imported goods are not liable to penalty under Section 112(b) of the Customs Act unless they knew, or had reason to believe, that the goods were liable to confiscation under Section 111. Where watches were purchased locally after importation and the retail sale price was revised in line with the importer's price list, penalty could not be sustained in the absence of documentary evidence showing knowledge of the import declaration or any duty-related irregularity. en-us Tue, 14 Apr 2026 08:04:18 +0530 Tue, 14 Apr 2026 08:04:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=16198 Local purchasers of imported goods are not liable to penalty under Section 112(b) of the Customs Act unless they knew, or had reason to believe, that the goods were liable to confiscation under Section 111. Where watches were purchased locally after importation and the retail sale price was revised in line with the importer's price list, penalty could not be sustained in the absence of documentary evidence showing knowledge of the import declaration or any duty-related irregularity. Articles Customs - Import - Export - SEZ Tue, 14 Apr 2026 08:04:18 +0530 https://www.taxtmi.com/article/detailed?id=16198