Amendment status not verified — confirm the current text below against the official source.
The Government mauy, by notification, waive in part or Power to full, any penalty referred to in section 122 or section 123 waive penalty or section 125 or any late fee referred to in section 47 for or fee or bath such class of taxpayers and under such mitigating circumstances as may be specified therein on the recommendations of the Council. 129.(1) Notwithstanding anything contained in this Act, where any person transports any goods or stores any goods while they Detention, are in transit in contravention of the provisions of this Act or the rules made thereunder, all such goods and conveyance used as a means of transport for carrying the conveyances seizure and goods and release of said goods and documents relating to such goods and conveyance shall be liable to detention or seizure and after detention or seizure, shall be released;- (a) on payment of the applicable tax and penalty equal to one hundred per cent, of the tax payable on such goods and, in case of exempted goods, on payment of an amount equal to two percent of the value of goods or twenty five thousand rupees, whichever is less, where the owner of the goods comes forward for payment of such tax and penalty; on payment of the applicable tax and penalty equal to fifty percent, of the tax payable on such goods and, in case of exempted goods, on payment of an amount equal to fifty per cent of the value of goods or twenty five thousand rupees, whichever is ICSS, wherethe ownerof the goods does not comes forward for payment of such tax and penalty; (c) upon furnishing a security equivalent to the amount payable under clause (a) orclause (b) in such form and manneras maybe prescribed. 506 Provided that no such goods or conveyance shall be detained or sezied without serving and an order of detention or seizure on the person transporting the goods. (2) The provisions of sub-section (6) of section 67 shall,mutatis mutandis, apply for detention and seizure of goods and conveyances. (3) The proper officer detaining or seizing goods or conveyances shall issue a notice specifying the tax and penalty payable and thereafter, pass an order for payment of tax and penalty under clause (a) or clause (b) or clause (c). (4) No tax, interest or penalty shall be determined under sub-section (3) without givingthe person concerned an opportunity of being heard. (5) On payment of amount referred in sub-section (1), all proceedings in respect of the notice specified in sub-section (3) shall be deemed to be concluded. (6) Where the person transporting any goods or the owner of the goods fails to the paythe amount of tax and penalty as provided in sub-section (1) within seven days of such detention or seizure, further proceedings shall be initiated in accordance with the provisions of section 130: Provided that where the detained or seized goods are perishable or hazardous in nature or are likely to depreciate in value with passage of time, the said period of seven days may be reduced by the proper officer.