2011 (4) TMI 1129

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....lants to deposit a sum of Rs.12,00,00,000/- within a period of eight weeks from the date of the order.   We have heard Shri A.P. Mathur, learned counsel appearing for the appellants and Shri S.P. Kesarwani, learned Senior Standing Counsel appearing for the respondents and have perused the impugned judgment and order dated 25.10.10/29.10.10 passed by the learned Single Judge giving rise to the present appeal, the grounds taken in the memo of appeal and the documents filed along with it.   Shri A.P. Mathur, learned counsel for the appellants submitted that for grant of waiver of deposit of the duty and penalty, the Tribunal is required to consider only as to whether the interest of the revenue is safeguarded or not. According ....

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.... amount of duty and penalty.   The Tribunal while disposing of the applications has held as follows.:-   "6. Coming to the question as to whether the appellant have established prima facie case in their favour, we find that the allegation against the appellant is of various serious nature that during the period from April, 2003 to December, 2005 they took Cenvat credit amounting to Rs.12,13,66,764/- on the basis of the invoices for purchase of HR coils from SAIL, but instead of using those HR coils in their factory for manufacture of CR strips, the HR coils were sold as such, and only bogus manufacture of CR strips was shown in their records and thereafter the sale of CR strips was shown to various customers under their invo....

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....on 14 of the Central Excise Act by a Gazetted Officer have not been retracted by him and resiling from such statements at the stage of appeal has no meaning and, therefore, we are of prima facie view that these statements of Shri Yashpal Sharma have to be treated as admissible evidence. We also find that the statements of Yashpal Sharma are corroborated by the statement of Shri Upender Goyal, Director of the appellant No.1, wherein he has explained in much greater detail the modus operandi of taking bogus Cenvat credit and passing on the same. The huge outstanding of sale proceeds to the tune of Rs.43,00,00,000/- due from only two buyers- M/s.Bhagwati Trading Co. and M/s. Ashushi Steel are clear indications that the sales of CR strips by th....