Circular No. 372/5/98-Central Excise
dated 14/1/98
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Excise & Customs), New Delhi
Subject: Intimation regarding implementation of Cir. No. 177/11/96-CX dated 28.2.96. – Para 3.48 by the PAC for the year ending 31.3.1992. – Fraudulent availment of Modvat Credit by Sipani Automobiles Limited, Bangalore. – regarding.
I am directed to invite your attention to Board”s Cir. No. 177/11/96-CX dated 28.2.96 based on the recommendations in the 104th Report (10th Lok Sabha) regarding fraudulent availment of Modvat credit to the tune of Rs. 76.84 lakhs by M/s Sipani Automobiles Limited, Bangalore. Vide this instruction it was directed that stern action should be taken against the assessees as well as the officers responsible for the acts of omission/ commission.
2. Now the Public Accounts Committee has directed the Ministry to ensure that the above mentioned instructions are scrupulously complied with by all concerned. The Board has directed that these instructions should be strictly complied. The Board his directed that these instructions should be strictly complied with. A report in this regard should be furnished to the Board every six months.
3. Please acknowledge the receipt of this communication.
