Relief to Citibank: CESTAT quashes Penalty imposed u/s 112 Customs Act on purchase of ATMs made within India [Read Order]

CESTAT - Citibank - Penalty - CESTAT quashes Penalty - Customs Act - ATM - taxscan

The Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) at Mumbai has recently held that the penalty under Section 112 of the Customs Act, 1962 is not valid for purchase of ATMs and Controllers for ATMs for mis-declaration of description and value of goods. Citibank is engaged in carrying on activities of banking…

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