TaxTMI 
TaxTMI 
2013 (10) TMI 562
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....ompany is Shree Krishna Industries, who have set up another unit in the name and style of Shree Krishan Udyog whereunder similar types of manufacture of iron and steel products, namely angles, channels and other rolled products were being manufactured. The department during investigation found that Shree Krishna Udyog was created just to avail SSI exemption when there was no manufacturing activity in the unit but evidence collected by the department clearly indicated that unit was being run only to suppress the production and to clear the goods after availing SSI exemption. Incriminating documents were recovered during course of search of both the units. It was found that Shree Krishna Industries have financial control and management contro....
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....ets of invoices from the said books have been used; the first available S. No. of Invoice is 11 which is in triplicate; the other invoices do not have any serial number; the reason there for being that whenever an invoice was required to be used, the serial number thereon was printed with numbering machine; (10) Another tax invoice book had triplicate copy of invoice No.5 which was issued under his signatuare from M/s.Shri Krishna Industries; below the said invoice was invoice No.8 dated 21.4.2010 with all three copies intact with certain details filled in, the other information was to be filled in after weighment of goods (Loose MS Flat); below the said invoice were two sets of invoice No.9 and 10. The other sets of invoices in the book d....
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.... resumed/recovered at S.No.6 of Annexure-B to Panchnama dated 21.04.2010/22.4.2010 were admitted and acknowledged by Shri Pankaj Bansal in the aforesaid statement. (18) The information recorded in the said private records was explained in detail by Shri Pankaj Bansal in his statements. From the explanation given by him and from the information deducted from the said records, it was found that M/s.Shree Krishna Udyog had procured/purchased 3041.125 MT of raw materials out of which 2843.265 MT of finished goods were manufactured and cleared during the period from January 2009 to March 2009 without payment of duty. The finished goods so cleared were valued at Rs.8,75,72,562/-. Thus, after providing for basic exemption of Rs.1.50 crores during....