HIMMATNAGAR WIRE INDUSTRIES Vs. COMMISSIONER OF CUSTOMS

JUDGEMENT

(1.) Feeling aggrieved and dissatisfied with the impugned order passed by the Learned Customs Excise and Service Tax Appellate Tribunal dated 31-8-2016 passed in Appeal No. E/12073/2013-SM, by which, the Learned Tribunal has dismissed the said Appeal and has confirmed orders passed by the First Authority as well as Commissioner (Appeals) disallowing the Cenvat Tax Credit wrongly availed, the assesseeappellant has preferred present appeal with the following proposed questions of law.

(2.) That the appellant was engaged in the manufacture of steel wire. The appellant was registered with the Central Excise Department. Appellant requested to avail CENVAT Tax Credit amounting to Rs. 1,35,133.00 involved on the inputs lying in stock and the inputs contained in the finished goods as on that date. That on verification, it was found that the input quantity involving credit of Rs. 61,953.00 was not available in stock as on 14-32011. Therefore, a show cause notice was issued for disallowing the credit wrongly availed, with a proposal for imposition of penalty. That on adjudication, the demand came to be confirmed and penalty imposed. The order passed by the AO came to be confirmed by the Learned Commissioner (Appeals), which further came to be confirmed by the Learned Tribunal by impugned order. Hence, the assessee is before this Court by way of present appeal.

(3.) Shir Uday Joshi, Learned advocate for the appellant has vehemently submitted that the impugned order denying the CENVAT Credit on adjudication that the appellant has not maintained the record pointing out "one-to-one co relation" of the inputs along with finished goods is absolutely against the law. It is submitted that even the claim of the dispute that the goods are to be used on "first-n-first out" basis is wholly erroneous and unsustainable.