Cadbury under lens for Rs 100 cr alleged excise duty evasion
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Cadbury India Limited has come under the scanner of financial intelligence sleuths for alleged excise duty evasion of about Rs 100 crore.
In an inquiry being conducted by the Department of Revenue, the firm was allegedly found to have wrongfully claimed 'area based exemption' for its new unit at Baddi in Himachal Pradesh, official sources said.
A Cadbury India spokesperson confirmed that a probe was on but declined to discuss details about it.
"A compliant and ethical corporate culture, which includes adhering to laws and regulations in the countries in which we operate, is integral to our success. To that end, we are fully cooperating with the authorities on this inquiry.
"Since the investigation currently is underway, it will be inappropriate on our part to discuss the details at this time," the spokesperson said in an email response to PTI.
As per the central government norms, the area based exemption for new industrial units of firms in Himachal Pradesh provide full exemption from excise duties for specified goods for a period of 10 years. However, for availing this the unit should have been established before March 2010 to claim such exemption.
Acting on intelligence inputs, the officers of Directorate General of Central Excise Intelligence (DGCEI) found that the company claimed excise duty exemption for its new unit in Sandoli village in Baddi, relating to a period even before it came into existence, the sources said.