TaxTMI 
TaxTMI 
2018 (7) TMI 88
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....e, the stock taking of the raw materials revealed that C.R Sheets/Coils to the extent of 162.63 MT, on which the appellants had availed the credit was not available in their stock. Statement of the director Shri Mohd Naim was recorded wherein he accepted that the raw material in question has been sold in cash at a profit of Rs. 1 per kg. 2. On the above basis proceedings were initiated against the appellant by way of issuance of show cause notice dated 03.04.2014 proposing to recover the duty of Rs. 6,89,872/- by denying the Cenvat Credit so availed by the appellant in respect of the said Coils/Sheets. Notice also proposed imposition of penalty on both the appellants. 3. The said notice culminated into the order passed by Original Adjudic....
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....to manufacture the goods out of the vacuum. He further submits that the Revenue's allegation that the goods have been sold on a margin of Rs. 1per kg is not a practical and feasible proposition inasmuch as the stock of the entire goods would not yield any profit as the cost of removal including the cost of loading, unloading, transport etc., would be much more than the profit margin. He also submits that the Revenue has not investigated the matter and has not produced any evidence or record to show as to whom the said raw materials has been sold, how the same has been transported, how the cost of the goods have been received by them. He submits that in the absence of all these evidences, the entire case of the Revenue is based upon presumpt....