Quantum of penalty levied under Section 114 (iii) of the Customs ...

Penalty Under Customs Act 1962 for Fraudulent Export Reduced from Rs. 75 Lacs to Rs. 25,000 Due to Overvaluation.

January 14, 2022

Case Laws Customs AT

Quantum of penalty levied under Section 114 (iii) of the Customs Act, 1962 - fraudulent export as goods were grossly undervalued - the appellant has acted only on the instruction of the employer and more so on the basis of the signed documents i.e. invoice given by his employer. - The exorbitant penalty of ₹ 75 Lacs is not justified - the penalty is reduced from ₹ 75 Lacs to ₹ 25,000/-. - AT

View Source

← Previous Next →

Quantum of penalty levied under Section 114 (iii) of the Customs ...

Penalty Under Customs Act 1962 for Fraudulent Export Reduced from Rs. 75 Lacs to Rs. 25,000 Due to Overvaluation.

January 14, 2022

Case Laws Customs AT

You may also like:

The case involves imposition of penalty on a Customs House Agent (CHA) u/s 114 (iii) of the Customs Act 1962 for misusing drawback benefit through fraudulent exports....

Contravention of sections 18(2) and 18(3) read with section 64(2) of FERA, 1973 established. Company failed to recover export dues without RBI permission or extension....

The CESTAT held that the imported betel nuts were rightly classified under CTH 0802 8030. While the minimum import price fixed by DGFT could not be treated as tariff...

Levy of penalty- Fraudulent issuance of GDRs by the Company - the imposition of penalty upon the appellant after 12 years from date of resigning is excessive. In a large...

In the case, ITAT decided on two main issues: 1. Addition on account of Gold and Silver Jewellery u/s 69A: Assessee disclosed Rs. 70,00,000 as unexplained investment...

CESTAT upheld reclassification of imported high conductivity copper bus bars from CTI 7407 21 20 to CTI 7407 10 30, resulting in denial of FTA benefits under N/N....

Benefit of reduced penalty - penalty not deposited - get the benefit of reduced penalty of 25% of the service tax (ST) u/s 78(1) of the FA, 1994, assessee required to...

Appellant failed to submit required documents within stipulated time for provisional duty assessment, contravening Customs (Provisional Duty Assessment) Regulations,...

The case pertains to the imposition of a fine and penalty for the rejection of the declared value and redetermination of the value u/r 12 of the Customs Valuation...

Levy of penalty on CHA u/s 114(i) and 114AA of the Customs Act, 1962 - acts of omission and commission in relation to the attempted illegal export of Red Sanders - So,...

Penalty for violation of Section 15HB of SEBI Act, 1992 - justification for the Tribunal to reduce the penalty below Rs. 1,00,000/- which is the minimum as permissible -...

Mis-declaration of quantity and value of goods in SEZ unit - penalty u/ss 112(a) and 114A of Customs Act 1962. Option for reduced 25% penalty u/s 114A to be extended if...

CESTAT upheld penalty under Section 112(b) of Customs Act against appellant for involvement in cigarette smuggling racket. While appellant retracted initial statement,...

Confiscation of smuggled gold bars/biscuits u/ss 111(b), 111(d), and 111(f) of the Customs Act, 1962. The appellants failed to establish the licit procurement of the...

Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

Quick Updates: