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Tax notice slapped on 350 firms

Our Bureau  |  New Delhi 

The (CBEC) has slapped notices on over 350 companies, including (IOC), JK Steel, Sun Pharma, the and Hindustan Zinc for speedy recovery of arrears.
The move follows Finance Minister P Chidambaram's directive to taxmen to go all out to recover arrears. The has posted on its website the names of companies that have been served notices under Section 142 of the Customs Act to recover its dues running into crores.
has negligible arrears that arose out of some problem in its taking advantage of modvat credit.There are over two dozen steel companies, including Triveni Steel, Iron & Steel, Somnath Steel, Yogesh Steel, Unity Steel, Swaminarayam Steel and Trident Steel, in the list.
Most of the companies are based in Gujarat, Madhya Pradesh, Jharkhand, Bihar, Assam and Kerala.
Of the undisputed recoverable arrears, the department has been asked to mop up at least Rs 10,000 crore in both direct and indirect arrears this fiscal.
The income-department has also been internally directed to utilise Section 281b of the Income Act, which allows temporary attachment of properties for recovering dues.


First Published: Thu, October 07 2004. 00:00 IST