The Supreme Court has admitted a plea alleging evasion of duty by Tata Iron & Steel Company (now Tata Steel) on certain imports from Portugal in 1989. A bench headed by Justice SB Sinha had admitted the excise department’s petition challenging the Customs, Excise and Service Tax Appellate Tribunal’s order that directed the Commissioner of Customs and Excise to recompute the excise duty and reduce redemption fine from Rs 6.5 crore to Rs 2 crore and a penalty of Rs 4 crore imposed on Tata Steel to Rs 1 crore. It has also tagged the matter with a similar plea pending before it.
In India, the corporates are governed by several different regulators viz. the Ministry of Corporate Affairs (‘MCA’), Reserve Bank of India (‘RBI’), Department for Promotion of Industry and In More
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