« From the Courts » Open DEMAT Account in 24 hrs  Attachment on Cash Credit of Assessee under GST Act: Delhi HC directs Bank to Comply Instructions to Vacate  Income Tax Addition Made Towards Unsubstantiated Share Capital Is Eligible For Section 80-IC Deduction: Delhi High Court «  SC: Consumer of capital goods cannot get the excise heading... "Tribunal's mistake, error or omission and which error is a... » SC: Amount of penalty should not be more than the chargeable duty December, 03rd 2007 The Supreme Court has ruled that the amount of penalty under Section 114A of the Customs Act could not be more than the amount equal to the chargeable duty.   In this case, UK Enterprises imported integrated circuits made by Philips Ltd, Motorola Ltd and NEC from Hong Kong. The customs commissioner in Goa found that the items were heavily undervalued and imposed a fine of Rs 50,000.   On appeal, the Customs Tribunal raised it to Rs 10 lakh, which was more than the duty demanded which was Rs 4.91 lakh. The firm appealed to the Supreme Court which reduced the penalty to the latter amount.