2014 (1) TMI 785

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.... nor there is adjournment application. Appeal was filed on 7.3.2012. Dispute involved in this case relates to disallowance of Cenvat credit of Rs. 87,44,929/-, followed by equal amount of penalty on the ground that there was mere paper transaction to get input credit of that quantum at the cost of Revenue. Even though such a huge demand has arisen and notice has gone calling for appearance, the ap....

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....s. Century Knitters, M/s. Natraj Fabrics and M/s. Nimisha Knits on the strength of job work challans and further used in the manufacture of goods exported by them. However, on the date of visit by the staff on 5.9.2006, no stock of the inputs i.e. PTY was physically found in their unit. The investigation further revealed that the Noticee had not received the inputs on which the Cenvat Credit was a....