Evasion of Central Excise duty to the tune of Rs. 45,79,291/- by ICICI Bank – Anti Evasion Unit, Comm’te of Central Excise, Kolkata-I Evasion of Central Excise duty to the tune of Rs. 45,79,291/- by ICICI Bank – Anti Evasion Unit, Comm’te of Central Excise, Kolkata-I Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

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Evasion of Central Excise duty to the tune of Rs. 45,79,291/- by ICICI Bank Anti Evasion Unit, Commte of Central Excise, Kolkata-I

August, 29th 2012
GOVERNMENT OF INDIA OFFICE OF THE COMMISSIONER OF CENTRAL EXCISE ANTI-EVASION UNIT: KOLKATA-I COMMISSIONERATE KENDRIYA UTPAD SHULK BHAWAN : 180, SHANTIPALLY, RAJDANGA MAIN ROAD, KOLKATA 700 107. FAX MESSAGE INCIDENT REPORT NO. 3 /2012 ACTING ON AN INFORMATION, OFFICERS OF HDQR. ANTI EVASION UNIT OF THIS COMMISSIONERATE INVESTIGATED THE MANUFACTURE AND CLEARANCE WITHOUT PAYMENT OF DUTY ON CUSTOMISED GOLD COINS BY M/S ICICI BANK LTD. HAVING ITS HEAD OFFICE AT ICICI BANK TOWERS, BANDRA-KURLA COMPLEX, MUMBAI 400051[.] DURING INQUIRY IT REVEALED THAT M/S ICICI BANK LTD. HAVE MANUFACTURED BRANDED GOLD COINS THROUGH JOB-WORKER FOR THEIR CORPORATE CUSTOMERS AND SOLD/ REDEEMED THROUGH THEIR BRANCHES LOCATED THROUGHOUT INDIA DURING 01.03.2011 TO 16.03.2012 WITHOUT PAYMENT OF DUTY VIOLATING NOTIFICATION NO. 01/2011-CE DATED 01.03.2011 AS AMENDED AND THEREBY EVADED CENTRAL EXCISE DUTY TO THE TUNE OF RUPEES 45,79,291=00 (AS PER THEIR SUBMITTED DOCUMENTS)[.] RULE 12AA OF THE CENTRAL EXCISE RULES, 2002 OF THE RELEVANT PERIOD ENVISAGES LIABILITY OF PAYMENT OF DUTY ALONGWITH OBSERVANCE OF CENTRAL EXCISE PROCEDURES ON THE PART OF EITHER JOBWORKER OR THE BRAND OWNER[.] M/S ICICI BANK LTD. BEING THE BRAND OWNER HAVE ADMITTED THE FACTS AND IMPLICATION AND PAID AN AMOUNT OF RUPEES. 53,08,600=00 TOWARDS THEIR DUTY LIABILITY INCLUDING INTEREST OF RUPEES 7,29,309=00 THROUGH E-PAYMENT[.] FURTHER INVESTIGATION IS IN PROGRESS [.] (S. K. DAS) COMMISSIONER KOLKATA-I COMMISSIONERATE.