Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: TDS :: ACCOUNTING STANDARD :: due date for vat payment :: VAT Audit :: VAT RATES :: list of goods taxed at 4% :: cpt :: empanelment
 
 
« News Headlines »
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax

Rs 10 cr central excise duty evasion detected
December, 13th 2007
The Central excise duty evasion amounting to Rs 10 crore was unearthed by Directorate of Central Excise Intelligence on wednesday after conducting raid on two Himachal Pradesh based LPG Cylinder manufacturers for allegedly misusing tax exemption announced by the union government.

The companies, having their manufacturing facilities in Una district of HP, had allegedly claimed 'Area Based Exemption' to the tune of Rs 10 crore by showing 25 per cent expansion in their units during year 2003, a stipulation laid down by union government for claiming tax exemption.

However, the investigation conducted by excise sleuths revealed that actually the companies had not undertaken any expansion programme, said sources.

"They just procured fake bill of machinery from a Ghaziabad based supplier in a bid to show purchase for expansion purposes," said a senior official on the condition of anonymity while adding that the supplier had admitted that he did not supply any machinery to them.

As per finance ministry notification, if any existing manufacturing unit expands itself by 25 per cent after January 7, 2003 then it would be eligible for tax exemption.

The raids were being carried out simultaneously by a team of excise sleuths at Una in HP and Delhi.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions