TaxTMI 
TaxTMI 
2014 (11) TMI 78
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....635/- against M/s. Tehri Girders Ltd. ( Bharat Steel Rolling Mills Unit No. 2] along with imposition of penalty of identical amount under Rule 25(1) of Central Excise Rules, 2002. In addition, penalties of Rs. One lakh stand imposed on Shri Harbans Lal Goel, Shri Vaibhav Goel, Shri Vikas Goel and Shri Himanshu Goel and Subash Jain, all Directors of Bharat Steel Rolling Mills and Shri Satish Chander Goel, authoriosed signatory of the firm. The Commissioner has further imposed penalty of Rs. 25,000/- each on other appellants under Rule 26 (2) of the Central Excise Rules, 2002 for aiding and abetting M/s. Tehri Girders Ltd. in clandestine activities. 2. As per facts on record, M/s. Tehri Girders Ltd.. (previously known as Bharat Steel Rolling....
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....final product as also were indulging in clandestine clearance of their final product and the income generated from the said activities was being reflected by them in their balance sheet as share trading or grain trading or sales commission income. 5. In view of the above, proceedings were initiated against the appellant by way of issuance of show cause notice dated 27.2.08 alleging under valuation / clandestine activities against the said main appellant and proposing confirmation of demand of duty of Rs. 77,43,635/- along with confirmation of interest and imposition of penalties. The notice also proposed imposition of penalties on the Director of the appellant and their authorised representative and on other firms on the allegation of play....
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....ading / commission activities, have accepted the appellants role and having given them their dues by way of cheques. If the said person's clients have further not accepted the fact of having received the services from the appellant, their statements cannot be made the sole ground, for arriving at an adverse finding, without summoning the said persons for the purpose of cross examination. It was the appellants stand that there is no evidence on record showing the huge procurement of raw material required for manufacture of their final product, there is no evidence relating to the transport of said clandestinely cleared goods and there is no identification of the buyers etc. as also the receipt of consideration from them so as to establish th....
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....the sides, we find that the Revenue's entire case is based upon the investigations conducted by them in respect of entries made in the balance sheet. The said entries reflect income of the appellant made through other business like share trading, sales commission and trade commission. The appellant contention is that the persons who have paid them the said commissions have agreed to have done so, The Revenue instead of accepting their stand have further gone to the clients of the said persons who has refused to recognize the appellant. 9. It is not disputed facts on record that income reflected in the balance sheet stand duly audited by the statutory authorities and assessed by the Income Tax department. While dealing with the said aspect,....
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....ether the share transaction of the assessee company are genuine or not and whether the income from share trading duly verified, accepted and assessed to income tax authorities could be disregarded by them so as to treat the same as proceeds of ingots alleged to have been clandestinely produced and sold by the appellants. The entire action of the Revenue was held to be without jurisdiction. The said decision of the Tribunal in the case of R A Casting P. Ltd. stand confirmed by the Hon'ble Allahabad High Court, when the appeal filed by the Revenue was rejected, reported as CCE, Meerut-I vs. R A Castings Pvt. Ltd. [2011 (269) ELT 337 (All). Further, the appeal by the Revenue before the Hon'ble Supreme Court also stand rejected as reported 201....