2004 (4) TMI 220

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...., (Oral)]. - This appeal arises from Order-in-Appeal Nos. 4/2002-C.E. and 5/2002-C.E., dated 4-1-2002. The Commissioner (Appeals) disposed off two appeals - one of the party and the other of the Revenue. The Revenue appeal pertains to imposition of penalty under 11AC for the period prior to 28-9-1996. The Commissioner has noted the Apex Court's judgment rendered in the case of Elgi Equipments Ltd.....

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....ance of goods in the guise of 'loan transfer'. 2. We have heard both sides in the matter. 3. The learned Counsel submits that they had produced the private registers to show that the goods which were cleared on loan basis had been returned back. He submits that the same has been verified by the Superintendent and initialed it and therefore, the question of invoking larger period does not ari....

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....l that larger period is not invocable is not correct. He submits that it is not a case of procedural lapse as in the case of availment of Modvat credit but, it is a case of clearances made without payment of duty and, therefore, the Order passed by the Commissioner is sustainable both on law and on facts and requires to be confirmed. 5. On a careful consideration, we see lot of force in the sub....

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....pen pertaining to some receipts; issues; and the balances. In the absence of any issue of gate pass and invoice, this register, which is maintained by them, cannot be accepted as a statutory register under any provision of law. The clearances have been done against the provisions of rules and such clearances cannot be considered as clearances on 'loan basis'. Both the authorities have clearly held....