Penalty for improper importation of goods, etc

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ction 111, or abets the doing or omission of such an act, or (b) who acquires possession of or is in any way concerned in carrying, removing, depositing, harbouring, keeping, concealing, selling or purchasing, or in any other manner dealing with any goods which he knows or has reason to believe are liable to confiscation under section 111, shall be liable,- (i) in the case of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... be twenty-five per cent. of the penalty so determined;] ^1[(iii) in the case of goods in respect of which the value stated in the entry made under this Act or in the case of baggage, in the declaration made under section 77 (in either case hereafter in this section referred to as the declared value) is higher than the value thereof, to a penalty ^4[not exceeding the difference between th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 01-09-1973  2.  Substituted vide Section 107 of the Finance Act, 2001 w.e.f. 11-05-2001 before it was read as, "not exceeding five times the value of the goods or one thousand rupees," 3. Substituted vide Section 107 of the Finance Act, 2001 w.e.f. 11-05-2001 before it was read as, "not exceeding five times the duty sought to b....