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of <h1>Ministry of Finance demands strict action on fraudulent Modvat credit claims, citing Sipani Automobiles case. Compliance reports due biannually.</h1> The circular from the Ministry of Finance, Department of Revenue, reiterates instructions for addressing fraudulent Modvat credit claims, specifically referencing a case involving Sipani Automobiles Limited in Bangalore, where Rs. 76.84 lakhs were fraudulently availed. It emphasizes the need for strict compliance with previous directives to take stern action against both the responsible assessees and officers. The Public Accounts Committee mandates that these instructions be followed rigorously, with compliance reports submitted to the Board every six months. Recipients are requested to acknowledge receipt of this communication.
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