TaxTMI 
TaxTMI 
Notes on clauses - Customs
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....the amount of interest, as the case may be, as specified in the notice, has been paid in full within thirty days from the date of receipt of the notice, no penalty shall be levied and the proceedings in respect of such person or other persons to whom the said notice is served under clause (a) of sub-section (1) shall be deemed to be concluded; (ii) impose a penalty of "fifteen per cent." in place....
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....ty days from the date on which such assent is received. Clause 81 of the Bill seeks to amend section 112 of the Customs Act, so as to substitute sub-clause (ii) of clause (b) thereof to specify a penalty not exceeding ten per cent. of the duty sought to be evaded or five thousand rupees, whichever is higher. The clause further seeks to provide that where such duty as determined under sub-section ....
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....er officer determining such duty, the amount of penalty liable to be paid by such person under this section shall be twenty-five per cent. of the penalty so determined. Clause 83 of the Bill seeks to amend section 127A of the Customs Act, so as to omit the words "in any appeal or revision, as the case may be,", occurring in the proviso to clause (b) thereof. Clause 84 of the Bill seeks to amend ....