2014 (12) TMI 534

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....AT credit of Rs. 3,55,389/- (Rupees three lakh fifty five thousand three hundred and eighty nine only) stands denied to the appellants along with imposition of penalty of identical amount on the allegation that the cenvatable invoices issued by the registered dealer M/s. M.K. Steels, Kolkata, were not valid invoices in as much as they have not procured the goods from the manufacturer. The said dec....

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.....K. Steel has not procured the duty paid goods from the manufacturers. The Tribunal took into consideration the Board Circular No.776/82/03-CX dated 15.12.2003 as also the fact that the Revenue has not shown any alternate source of procurement of input and also considering the Rule 7(4) of the CENVAT Credit Rules, 2002, held that the manufacturers were entitled to the CENVAT credit. To the same ef....