2014 (8) TMI 539

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....mount. In addition, penalty of identical amount stand imposed upon M/s. Swastik Steel Corporation who is a second stage dealer from whom M/s. JCBL Ltd. had purchased the inputs. 2. It is seen that M/s. JCBL Ltd. availed the credit on the basis of cenvatable invoices issued by second stage dealer M/s Swastik Steel Corporation. Said second stage dealer had in turn purchased the goods from M/s. Steel Mongers (India) P. Ltd. who was the first stage dealer. First stage dealer have procured the goods from the manufacturer Khemka Ispat Ltd. 3. The Revenue conducted certain investigations at the end of Khemka Ispat who admitted having struck a deal with one Shri Rupesh Bansal showing excess clearance of their goods in their statutory records ....

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....emka Ispat Ltd. and the statement of their authorized representative and the statement of the first stage dealer. I have gone through the said statement and find that there is no reference to any particular invoices and the same are general statement. The statement of the authorized representative of Khemka reveals that with the loss of business in the year 2002, they entered into an arrangement with the first stage dealer for issuing invoices without the supply of goods so as to reflect some sale purchase books on account. Though as per the said statement the arrangement was entered into in the year 2002, I find that the disputed period in the present appeal is February, and March, 2004. In any case I find that has procured the inputs from....