Examination of the Para 3.48 by the Public Accounts Committee (1995-96) out of the Report of the C & AG of India for the year ended 31-3-1992 (No. 4 of 1993) regarding fraudulent availment of Modvat credit by M/s. Sipani Automobiles Limited, Bangalore - Regarding

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....ut of the Report of the C & AG of India for the year ended 31-3-1992 (No. 4 of 1993) regarding fraudulent availment of Modvat credit by M/s. Sipani Automobiles Limited, Bangalore - Regarding Circular No. 178/12/96-CX Dated 28-2-1996 [From F. No. 267/45/93-CX-8(Pt. IV)] Government of India Ministry of Finance (Department of Revenue) New Delhi Subject : Examination of the Para 3.48 by the Pub....

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.... on account of complete break-down in the Excise control and failure of proper monitoring of the unit availing Modvat credit. The Public Accounts Committee under Para 87 of the aforesaid report also noted inadequacies in the launching of prosecution as it was felt that the assessees should have been prosecuted both under the Central Excises and Salt Act, 1944 and the Indian Penal Code, 1860 wherei....