2013 (11) TMI 1294

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....C of the Central Excise Act, 1944; personal penalty of Rs.25.00 lakh on Shri A.C. Gupta; Rs.50,000/- on Shri A.K. Chand; and Rs.10,000/- on Shri O.P. Singh, imposed under Rule 26 of the Central Excise Rules, 2002. 2. The case of the Revenue is that the Applicant had received various inputs namely Sponge Iron, CI Scrap, Iron and Steel and Pig Iron and availed CENVAT Credit on these inputs under Rule 3 of the CENVAT Credit Rules, 2004. The Applicant had cleared waste and scrap on payment of duty @Rs.2,000/- per MT during the relevant period. A demand notice was issued to them by the Revenue alleging that even though the Applicant had cleared the inputs as such, they failed to reverse the CENVAT Credit availed against such inputs, as prescr....

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....cesses now claimed, like screening, sieving, clearing etc. and the resultant waste materials were generated during such processes. He has further submitted that the Adjudicating Authority had observed categorically that the Applicant had failed to maintain any records on the generation of such waste materials during the course of manufacture. The ld. AR for the Revenue further submitted that the Applicant Company has sufficient fixed assets and their net worth is not negative. Further, he has submitted that they have Cash-in-Hand of around Rs.9.5 crore shown in their balance sheet. 5. We have carefully considered the submissions of both sides. The limited issue involved in the present case relates to clearance of inputs as such, on which....