Effective 16 August 2024, section 3(12) of Customs Tariff Act, 1975 ('CT Act') was amended vide the Finance (No. 2) Act, 2024 to inter alia incorporate the enabling provisions for the levy of interest and penalty under Customs Act, 1962. Recently, the Bombay High Court observed that prior to the above amendment, interest, penalty and redemption fine is not leviable for non-payment of duties/taxes under section 3(12) of CT Act. 
 
We, at BDO in India, have summarised this ruling, and hope you find it timely and useful.

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