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Directorate of Enforcement (ED) has provisionally attached immovable properties worth of Rs 24.13 lakh owned by M Hari Babu, Proprietor of Bhavani Diamond Tools in the case of 'undervaluation and subsequent short payment of Customs duties'.The attached properties include residential properties worth of Rs 8.1 lakh in Prakasam district, Andhra Pradesh owned by M Hari Babu.The investigation by ED revealed a modus-operandi that M Hari Babu, the Proprietor of Bhavani Diamond Tools with the intention to short pay the customs duties against the goods such as "Saw Blanc & Saw Blade" imported in the name of M/s Bhavani Diamond Tools.The accused also collaborated with the representatives of Overseas suppliers of China and fabricated a second set of invoices with the lower value of the goods and submitted the same to the Customs at the time of import.Further, it was also revealed that the accused in order to align with lower values that were declared to the Customs at the time of import, also lowered the sale price to that extent of the imported goods in the domestic market and collected the differential values in cash.Subsequently M Hari Babu, in terms of their prior arrangement with the overseas suppliers of China has paid the differential values, between the original value and the values declared to customs for payment of customs duties to the representatives of the Overseas Suppliers of China at Ongole, Andhra Pradesh or Chennai, Tamil Nadu in cash.As per the allegations, M Hari Babu evaded Custom Duty to the tune of Rs. 2 Crore (approx.), by the act of commission of undervaluation and omission of payment of appropriate Custom duties at the time of import of the goods made in the name of Bhavani Diamond Tools.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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National :ED attaches immovable properties worth Rs 24 lakh in undervaluation case

Directorate of Enforcement (ED) has provisionally attached immovable properties worth of Rs 24.13 lakh owned by M Hari Babu, ... ...