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Videocon gets DRI notice for evading Rs 160cr duty |
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MUMBAI: The Directorate of Revenue Intelligence (DRI) has issued a show-cause notice to Videocon Industries (VIL) and its associate companies for evading anti-dumping duty of around Rs 160 crore in its imports of colour picture tubes. The agency has sought to recover the duty evaded along with penalty and also proposes to impose penalties on the promoters V N Dhoot and P N Dhoot, saying they were the "architects" of this modus operandi.
A government imposes anti-dumping duty on foreign imports that it believes are priced below fair market value. The duty is equal to the difference between the amount specified against each set of producers and exporters by the government and actual landed value of the imported goods.
VIL and its associate companies had imported picture tubes for 14-inch and 21-inch colour TVs from July 2008 to July 2013. Once the anti-dumping duty lapsed in July 2013, the import prices declared by the companies also dropped.
In another show-cause notice, DRI has said Videocon International forged central excise documents in its exports of aluminium capacitors to Russia and asked why the illegally sanctioned drawback of Rs 18.33 crore should not be demanded under Customs Act.
V N Dhoot said, "Both the show-cause notices were issued without sanctity of law and are totally illegal. So far, several show-cause notices were issued but all were stayed at proper legal forum and we are sure about coming scratch-free in all cases. Further, no penalty was imposed on us in any case in the past 50 years."
Source : timesofindia.indiatimes.com
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