2006 (2) TMI 10

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.... to them and the same has not been availed of. Hence I proceed to dispose of the appeal after examining the records and hearing learned Jt. CDR. 2.It appears from the records that the respondents had taken Modvat credit of Rs. 2,47,406/- in the year 1999 on the strength of 36 invoices issued by M/s. Indian Oil Corporation Ltd. (M/s. IOCL). The credit was disallowed by the original authority after....

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....appellant therein had taken input-duty credit on the strength of invoices issued by M/s. Prerna Metal Industry (input-supplier) who had themselves availed similar credit on the same goods on the basis of bogus invoices. The Department booked a case of fraud against the party who issued the bogus invoices and ultimately confirmed consequential demand of duty against M/s. Prerna Metal Industry, supp....