2018 (4) TMI 953

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....d penalty under section 11AC of Central Excise Act, 1944 besides imposing penalty of Rs. 2,00,000 on Shri Malhotra. 2. The allegation against the appellant-manufacturer is the clandestine removal of finished products, shortage of raw materials and finished products and spurious entries in CENVAT credit account to camouflage the clearance without discharge of duty. Heard Learned Counsel for appellants and Learned Authorized Representative. 3. According to Learned Counsel, the adjudicating authority has failed to render findings on the submissions made by them which, while having been recorded in the impugned order, was ignored even though supported by relevant case laws and documentary evidence. The valuation that was adopted in the impugn....

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....he colour of interest free loan and interest free security deposit. The ledger of the noticee revealed that they received Rs. 5 lakhs on 11-5-2002 and another 5 lakhs on 6-6-2000 by cheques drawn in favour of Shri Laxmi Coop. Bank by M/s. SSS and the ame has been subsequently treated as loan. 92 I further find that the noticee had two types of sources for the procurement of M.S.Ingots i.e. self manufactured for captive use and outside purchases respectively. The noticee separately maintained RG1/Daily stock account for self manufactured M.S Ingot, though it had no sale of Ingots to any outside buyers as all the self manufactured Ingots were used captively in terms of Notfn. 67/95-CE dtd. 16-3-95. 93. I find that M/S. SSS had undertaken ....