2016 (7) TMI 412

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....es the order passed by learned Commissioner (Appeals) who has reduced the penalty imposed under section 112A of Customs Act, 1962 from Rupees One lakh to Rs. 70,000/- and the penalty imposed under section 114AA of the said Act from Rupees two lakhs to Rs. 1.50 laks. It is the further submission of the appellant that section 114AA is not applicable to an artificial person but to a natural person si....

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....India account was hawala money transaction by the undervaluation process. Once such material comes to notice, the illegality of the transaction should end with the penal consequence of law. Appellant s contention that the word person used in section 114AA of the above said Act only speaks of the person who is involved. It is not necessary that a person involved in disguise shall avoid penal conseq....