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Tax sleuths search steel maker; detects over Rs 30 cr evasion

Last Updated: Tuesday, January 1, 2013 - 15:51

New Delhi: Tax sleuths searched the premises of a West Bengal-based leading steel and iron products producer and registered a case for alleged central excise duty evasion of at least Rs 30 crore.

The central Revenue department officers carried out the search and seizure operation last week at close to dozen premises of Shree Parasnath Re-Rolling Mills Ltd at Kolkata and Durgapur, official sources said today.

During the operation, carried out by over 100 tax sleuths, the officers found an office unit of the company operating from a cattleshed in a residential area in Durgapur.

The searches led to recovery of voluminous incriminating documents that indicated huge evasion of central excise duty, the sources said.

The company was allegedly evading duty by showing less quantum of manufactured goods, they claimed.

Prima facie, the estimated evasion of central excise duty is estimated to the tune of over Rs 30 crore, the sources said.

An email query seeking response of the company was not replied.

Sources said the directors of Shree Parasnath Re-Rolling Mills Ltd were also questioned during the operation carried out by officials of the Directorate General of Central Excise Intelligence here.

The company has since deposited Rs 15 crore on account of alleged evasion by them, the sources said.


First Published: Tuesday, January 1, 2013 - 15:51
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