{"id":241465,"date":"2020-12-29T18:00:54","date_gmt":"2020-12-29T12:30:54","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=241465"},"modified":"2020-12-29T16:55:39","modified_gmt":"2020-12-29T11:25:39","slug":"cbic-detection-of-evasion-of-customs-duty-by-exporter-on-export-of-iron-ore-fines-recovery-of-customs-duty-more-than-rs-8-crore","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/29\/cbic-detection-of-evasion-of-customs-duty-by-exporter-on-export-of-iron-ore-fines-recovery-of-customs-duty-more-than-rs-8-crore\/","title":{"rendered":"CBIC | Detection of evasion of customs duty by exporter on export of Iron Ore Fines; recovery of customs duty more than Rs 8 Crore"},"content":{"rendered":"<p style=\"text-align: justify;\">On the basis of specific intelligence, under the direction of the Commissioner of Customs (Preventive), Bhubaneswar Shri Debashish Sahu, investigation was initiated and relevant business premises of Exporter and Customs House Agent at various places was searched.<\/p>\n<p style=\"text-align: justify;\">Prima facie evasion of Customs duty to the extent of Rs 8,07,66,314\/- (Rupees Eight Crore Seven Lakh Sixty-Six Thousand Three Hundred and Fourteen) only by M\/s. B S Minerals, Keonjhar, Odisha-758001 on Iron Ore fines which was to be exported from Paradeep, India to Main Port, China in-vessel \u201cMV MAGNUM FORTUNE\u201d was detected by the Customs officials.<\/p>\n<p style=\"text-align: justify;\">Thereafter, 52051 MT of goods valued at Rs.26,92,21,045\/-were seized. Subsequently, the exporter deposited Customs duty to the tune of Rs.8,07,66,314\/- (Rupees Eight Crore Seven Lakh Sixty Six Thousand Three Hundred and Fourteen) only and submitted Bank Guarantee of Rs. One Crore to the government exchequer for taking the provisional release of the goods in addition to depositing a Bond of Rs 5.4 Crore with the Customs Authorities.<\/p>\n<p style=\"text-align: justify;\">Further investigation is under progress.<\/p>\n<p><a href=\"https:\/\/www.cbic.gov.in\/resources\/\/htdocs-cbec\/press-release\/PressRelease-29oct.pdf\">PRESS RELEASE<\/a><\/p>\n<hr \/>\n<p><strong>CBIC<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release dt. 29-12-2020]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the basis of specific intelligence, under the direction of the Commissioner of Customs (Preventive), Bhubaneswar Shri Debashish Sahu, investigation was initiated <\/p>\n","protected":false},"author":8808,"featured_media":209666,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[3981,44394,30024,29553,2583,30083],"class_list":["post-241465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-bank-guarantee","tag-bond","tag-customs-duty","tag-export","tag-Investigation","tag-iron-ore"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBIC | Detection of evasion of customs duty by exporter on export of Iron Ore Fines; 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The Central Board of Excise and Customs (CBEC) issued a Circular No. 55\/2016- Customs dated 23rd November, 2016, wherein Importers and Exporters will henceforth not be required to submit\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":255169,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/05\/recourse-to-revocation-should-be-taken-in-extreme-circumstances-only-and-not-in-respect-of-violations-for-which-there-are-other-provisions-to-deal-with-them\/","url_meta":{"origin":241465,"position":4},"title":"CESTAT | Recourse to revocation should be taken in extreme circumstances only and not in respect of violations for which there are other provisions to deal with them; Tribunal partly allows appeal","author":"Editor","date":"October 5, 2021","format":false,"excerpt":"Customs, Excise and Services Tax Appellate Tribunal (CESTAT): The Division Coram of Sulekha Beevi C.S. 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