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of <h1>Petroleum Company Faces Rs. 27 Crore Customs Duty Evasion for Underreporting and Misaccounting</h1> A Customs Commissionerate detected Customs duty evasion exceeding Rs. 27 crores by a petroleum company operating a bonded warehouse receiving imported petroleum products via pipeline from another agency. The company underreported prices declared at the port, resulting in underpayment of Customs duty by over Rs. 23 crores from 1994 to 1998, which has been recovered. Further discrepancies include non-receipt of certain imported quantities at the warehouse, with only Excise duty paid on these, causing additional duty shortfall exceeding Rs. 4 crores. The company also inconsistently accounted for duties on sales invoices versus Customs payments, potentially violating relevant Customs and Excise provisions, with differential duties around Rs. 20 lakhs. Authorities are advised to investigate similar practices elsewhere, enforce checks to prevent revenue loss, and report recovery actions within fifteen days.
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