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2013 (4) TMI 5 - CESTAT NEW DELHICenvat Credit - deemed reversal of credit - fraudulent invoices - Issued invoices for final products without manufacturing anything and filed returns- - Appellant paid a small amount through cash also - Held that:- the credit availed by them was reversed by utilizing for payment of duty, which even according to the Revenue, they were not required to pay. Inasmuch as the entire credit was reversed by making debit entry used for payment of duty on final products, any direction to deposit the credit against them would not be fair. By adopting the above modus operandi, the appellant have indulged in the passing of fraudulent modvat credit to their buyers. This is a serious allegation. Keeping in view the fact that a lot of evidence has come on record to uphold the above activity of M/s.Satvik Industries, in the form of various statements, machine installed in the factory so as to manufacture such huge quantum of final products - the appellant directed to deposit part of penalty. - appellant directed to deposit an amount of Rs.30 lakhs towards penalty.
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