2013 (12) TMI 749

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....Asha Telecom Pvt. Ltd. engaged in manufacture of telephone parts. One of their raw materials is H.R. Sheets. The allegation against the appellant-company is that during 2004-2005, 2005-2006, they took Cenvat credit of Rs. 8,19,043/- on the basis of 29 invoices issued by M/s. Sagarika Trading Company, M/s. Ayushi Steel Company Pvt. Ltd. and M/s. Bhagwati Trading Company, all registered dealers. The....

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....f M/s. Asha Telecom Pvt. Ltd. The jurisdictional Addl. Commissioner vide order-in-original dated 8-4-2010 confirmed the abovementioned Cenvat credit demand against M/s. Asha Telecom Pvt. Ltd. along with interest and penalty of equal amount was imposed on them under Rule 15(2) of the Cenvat Credit Rules, 2004 read with Section 11AC of the Central Excise Act, 1944. Besides this another penalty of Rs....

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....can be imposed only on the person who has acquired possession or is in any way concerned in transporting, removing, depositing, keeping, concealing, selling or purchasing, or in any other manner dealing with, any excisable goods which he knows or has reason to believe are liable to confiscation, that in this rule, there is no provision for imposing penalty for taking wrong Cenvat credit and that i....

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....son who acquires possession or is in any way concerned in transporting, removing, depositing, keeping concealing, selling or purchasing, or in any other manner dealing with any excisable goods which he knew or had reason to believe, are liable to confiscation. As such, in this rule, there is no provision for imposition of penalty for wrongly availing Cenvat credit in a fraudulent manner or permitt....