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2018 (1) TMI 914 - AT - Central ExciseClandestine removal - M.S. Ingots - the Revenue’s entire case is based upon the investigations conducted by them in respect of entries made in the balance-sheet - Held that: - It is not disputed on record that income reflected in the balance-sheet stands included by the assessee for payment of Income Tax. Such Income Tax Returns have also been assessed by the Income Tax Department. The said returns have also been audited by their statutory auditor. We would like to observe that Central Excise authorities have no jurisdiction to interfere in the orders passed by Income Tax authorities and to hold that transactions which stand accepted by the Income Tax authorities were not genuine transactions. Virtually no evidence is produced by the Revenue as regards the clandestine manufacture and clearances of appellant s final product. It is well settled law that the allegations of clandestine manufacture and removal are required to be proved by production of sufficient evidence in the shape of production of raw material, the actual manufacture of the goods, transportation of the same or in the shape of identification of the buyers. There is no statement of any persons indicating or admitting that income as reflected by the appellants in balance sheet stands derived from clandestine activities of manufacturer and clearance of their final products. Appeal dismissed - decided against Revenue.
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