2022 (5) TMI 649

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....ks after the sale and purchase and liaisoning. The appellant is registered with the department. In the course of search in the premises of another manufacturer, namely, Pankaj Ispat Limited, which was conducted on 12th April, 2012, there appeared certain discrepancies like shortage of 1066.615 MT of MS ingots, 9.695 MT TMT bar and 219.56 MT sponge iron. The search in the said premises resulted in recovery of several incriminating documents showing unaccounted purchase and sale of finished goods. 2. In the course of search in the premises of Pankaj Ispat, the statement of its director Mr. Pankaj Agarwal was recorded, wherein he inter alia stated that the records recovered under panchanama contained entries of both accounted and unaccounted ....

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....authorised signatory of Pankaj Ispat, accordingly as per the records of Pankaj Ispat, it appeared that this appellant/ SR ingots have clandestinely cleared 806.506 MT of MS ingots during the said period clandestinely, without paying duty. 3. To verify facts, Revenue issued summons to the appellant to produce relevant documents and to submit oral evidence, but the summons were returned with remark-factory is closed. Accordingly, based on the evidences collected at the end of Pankaj Ispat, Revenue issued show cause notice dated 1 July, 2015 on these appellants, alleging clandestine removal by them to Pankaj Ispat of 806.576 MT ingots, the value worked out at Rs. 2,20,75,524/- and the duty allegedly evaded was worked out at Rs. 22,73,779/-. F....