2015 (10) TMI 1940

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....V.J. Shankaram, Advocate, for the Appellant. Dr. A.K. Nigam, Addl. Commissioner (AR), for the Respondent. ORDER The only issue in this case is whether the appellant is entitled to take credit without receiving the inputs. Admittedly in this case, only invoices were moving between manufacturers, registered dealers, etc. without any movement of goods. 2. The learned counsel put fort....

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....tput service shall maintain proper records for the receipt, disposal, consumption and inventory of the input and capital goods in which the relevant information recording the value, duty paid, Cenvat credit taken and utilized, the person from whom the input or capital goods have been procured is recorded and the burden of proof regarding admissibility of the Cenvat credit shall lie upon the manufa....

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....pellant for the year ending 31-3-2013. On going through the balance sheet and the profit & loss account of the appellant, we find that under the category of Reserves and Surplus under Note 2 in the balance sheet, it has been shown that profit brought forward from previous year is Rs. 15,35,39,946/- and amount available for appropriation is Rs. 12,30,37,004/-. No doubt the appellant has made a loss....

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....aspect as to whether such Cenvat credit taken by the appellant was subsequently reversed was not argued before us nor pressed. Therefore, in our opinion, in this case if the appellant deposits Cenvat credit availed by them with interest that would be sufficient. Accordingly, appellant is directed to deposit the entire amount of Cenvat credit with interest within eight weeks and report compliance o....