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Excise Intelligence officials Thursday arrested the director of a steel factory in Gandhinagar for allegedly evading taxes worth Rs 4 crore by using fake invoices prepared by more than 58 different ship-breaking companies in Alang and transporting finished products from his unit without mandatory receipts.
Interestingly, the accused paid his dues to excise authorities via seven cheques upon being caught, but had asked his bank to cancel the cheques before the authorities could draw the money.
"Mitesh Patel, 27, director of Nandeshwari Steel Ltd, block number 76 in Zak village of Gandhinagar district was arrested on Thursday at 7.30 pm," a statement from the director general of Central Excise Intelligence said Friday.
An official said Patel was produced before a magistrate Friday and granted bail on the condition that he deposit his passport, do not leave the country and reports his presence each month to the police until the investigation is complete.
"The manufacturer of S S Ingots, S S Round Bars had evaded Central Excise duty by way of clandestine removal of their said finished goods through various transporters, without issuance of invoices, without payment of the taxes," the statement said.
It added that the company availed of CENVAT credit by using invoices issued by more than 58 ship-breaking units based in Alang although it never actually received the goods and instead bought scraps. "The (accused) deposited Rs 75 lakh on the spot and also tendered post-dated cheques for Rs 3.50 crore towards their Central Excise duty liability. Five out of seven post-dated cheques, furnished by Patel towards his duty liability were deposited in the bank, but the bank did not honour the cheques," the statement said.
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