Sponsored
    Follow Us:
Sponsored

Circular No. 369/2/98-Central Excise

dated 14/1/98
F.No. 267/45/93-CX- 8(Pt.V)

Government of India

Ministry of Finance

(Department of Revenue), New Delhi

Subject:  Examination of the Para 3.48 by the PAC (1995-96) out of the Report of the C & AG of India for the year ended 31.3.92 (No. 4 of 1993) regarding fraudulent availment of Modvat Credit by M/s. Sipani automobiles Limited Bangalore- Regarding.

The PAC on Audit Para 3.48/ 91-92 on the report of the C & AG for the year ending 31.3.1992. (No 4 of 1993) regarding fraudulent availment of Modvat Credit by Sipani Automobiles, Bangalore has desired that the Ministry of Finance will take adequate steps to ensure that recent amendments in the Central Excise Law (e.g. interest and penal provisions) to prevent wrong/ fraudulent of Modvat Credit will be enforced effectively so that such unlawful/ irregular practices can be checked.

2.  In this regard I am directed to say that these amendments in law should be strictly complied with and stringent/ deterrent action should be taken against assessees indulging in such unlawful activities. In case it is brought to light that the departmental officers have been lax in implementing the law, action should also be initiated against such erring officer.

Sd/-
(Mallika Arya)
Under Secretary to the Govt. of India

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Search Post by Date
July 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031