https://www.taxtmi.com/caselaws?id=750674 Denial of Cenvat credit and related penalty could not be sustained where the allegation of invoice-only procurement was not supported by transaction-specific evidence. The statements relied upon were general and vague, the deponents were not examined on the disputed invoices, and the statutory records showed receipt of inputs. Payment was made through banking channels, and there was no evidence of input shortage or any finding rebutting manufacture and clearance of final products. The demand was therefore based on presumption rather than proof, and the credit denial and penalty were set aside with consequential relief. en-us Wed, 27 Mar 2024 00:00:00 +0530 Thu, 28 Mar 2024 08:51:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750674 Denial of Cenvat credit and related penalty could not be sustained where the allegation of invoice-only procurement was not supported by transaction-specific evidence. The statements relied upon were general and vague, the deponents were not examined on the disputed invoices, and the statutory records showed receipt of inputs. Payment was made through banking channels, and there was no evidence of input shortage or any finding rebutting manufacture and clearance of final products. The demand was therefore based on presumption rather than proof, and the credit denial and penalty were set aside with consequential relief. Case-Laws Central Excise Wed, 27 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750674