Page 100 - ELT_1st June 2020_VOL 372_Part 5th

634 EXCISE LAW TIMES [ Vol. 372

Drives were in the form of computerized ledgers, consisting of main ledgers such
as purchase and sale of S.S.C.R. Coils, details of payment received and made vide
cheque and cash, capital of directors of M/s. SFL, Profit and Loss Account and
Balance-Sheet etc. and relevant party ledgers pertaining to the period from April-
2009 to March-2012.
6.2 During investigation, the details contained in these handwritten
Gujarati Sheets were compared with the details/data retrieved from seized Pen
Drives and it was observed that the details such as date of transaction, name of
party, quantity of the goods, Invoice No. of M/s. SFL, cheque nos. etc. were
found to be tallied, except the fact that the amount in handwritten Gujarati
Sheets were mentioned by reducing amount by one digit i.e. if any transaction
entered in Pen Drives as Rs. 100/- then in handwritten sheet. It was shown as Rs.
10/-. Further it was also observed that handwritten data show all transaction of a
day while the retrieved pen drives data show para-wise transaction covering a
certain period. All these facts were admitted by Shri Ramesh M. Shah, Director of
M/s. SFL in his statement recorded on dated 10-7-2012. Accordingly, the investi-
gation came into conclusion that the pen drives along with the hard copy of the
documents belonged to M/s. SFL and these data reflected details of their daily
financial transaction.
6.3 During investigation, it was further noticed that the computerized
ledgers broadly contained data like (i) Sale to brokers (ii) Sale to M/s. SFL (iii)
Sale to a category named as “Bombay Sales” (iv) Sim Cash (v) Direct sale and (vi)
Bill Conditions etc. it was noticed that the data contained in the handwritten
(Gujarati) papers were fed in the computer and party-wise & item-wise ledger in
tally format was created and hard copy of such computerized data was found in
the locker and in the ice cream stall. Further, all these data were also found avail-
able in the pen drives which were subsequently retrieved in the form of hard
copy. On detailed investigation of these data, it was observed that :
(i) The ledger account “Bombay Sales” reflected cash sales of the goods
to the various parties situated in and around Mumbai. Particulars of
such cash sale & cash purchase were also shown in the Ledger of
the Brokers like Shri Atul Bhai, Shri Narendrabhai etc.
(ii) The details of cash purchase and some cash sales, other than “Bom-
bay Sales” were reflected in ledger account namely “Smi (Cash)”.
They had received only invoices of inputs from various parties
without actual purchase/receipt of the inputs and vailed ineligible
Cenvat credit. They had also issued only invoices of final goods to
various parties without actual sale/delivery of goods and passed on
the ineligible Cenvat credit to those parties. The details of such
transaction i.e. receipt of only invoices and issuing of only invoices
were also reflected in ledger account namley “Smi (Cash)” main-
tained year-wise.
(iii) Ledger account namely “Bill Condition” maintained by them re-
flected issuing of only invoices without sale of the goods to the var-
ious parties situated in and around Mumbai.
(iv) Ledger account namely “Direct Purchase (Value Diff)” & “Direct
Sale (Value Diff)” maintained by M/s. SFL reflected the under valu-
ation of final goods by them thereby paid less amount of Central
Excise duty.
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