2009 (11) TMI 804

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....ised mild steel tubes. The officers visited the factory premises on 6-10-06 and found 12.05 MT of inputs received in the factory but not recorded in the form IV register which was got entered. The officers searched the residential premises of Shri J.D. Gupta, MD and from the said residence, Indian currency amounting to Rs. 4.5 lakhs was found and seized. On 27-2-07, statement of Shri J.D. Gupta was taken wherein he submitted that HR coils and skelp purchased from SAIL depots for use by the company. However, a part of the goods had been sold by him in the open market invoicing at prices lower than even the purchase prices and that balance was received in cash. The cash seized at the residence was accumulated cash transactions relating to amo....

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....alty imposed on MD. However, no appeal or cross objection has been filed by Shri J.D. Gupta, MD of the respondents company against whom penalty of Rs. 72,000/- was imposed. 5. Learned SDR reiterates the finding of the original authority and submits that the Indian currency admitted to be unaccounted sale proceeds of inputs deserves to be absolutely confiscated. 6. On the other hand, learned Advocate for the respondents company submits that the show cause notice do not allege any clandestine removal of finished goods; that the show cause notice do not allege any short payment of credit on the inputs disposed of and there is no demand of differential credit; that the show cause notice did not propose any penalty on the company. Under th....