Rs 45 lakh penalty imposed on Kala amb-based hair oil company
The excise and taxation department has detected irregularities and tax evasion at the Kala Amb Industrial belt and has imposed a fine of Rs 45 lakh on the defaulters.india Updated: Jun 14, 2014 19:13 IST
The excise and taxation department has detected irregularities and tax evasion at the Kala Amb Industrial belt and has imposed a fine of Rs 45 lakh on the defaulters.
Sources said a leading oil manufacturer company of the country was purchasing shampoo from its own sister unit located in Haridwar against the 'C' form, which was legally not allowed in norms.
The 'C' form for paying two percent tax is allowed in case of resale, purchase of raw material and packaging, but the oil manufacturing company was obtaining finished product of shampoo as a promotional product.
The sources added initially a case was detected in January, since then the assessment of penalty was in progress that was finalised recently.
According to further information, the company is being paying tax since January regularly. Notably, the company is highest tax payer to the department. Meanwhile, the company would have to pay similar penalty in Uttarakhand as it was getting benefits of C form. Assistant excise and taxation officer RD Janartha confirming the action said officers of the company have been called for paying the tax. He also admitted that the company may file an appeal to the higher authorities of the department.