- (1.) We have heard Shri M.P. Devnath and Shri Nishant Mishra for the appellant. Shri B.K.S. Raghuvansi appears for Commissioner of Customs, Excise and Service Tax, Noida. In this appeal under Section 35G of the Central Excise Act, 1944 against the pre-deposit order/stay order passed by Customs, Excise & Service Tax Appellate Tribunal (CESTAT) dated 24.7.2013 the appellant is aggrieved against the pre-deposit of 35% of Cenvat Credit of inputs denied by the respondent.
(2.) The appellant is a real estate company engaged in construction of shopping malls. A show cause notice was issued on 7.3.2011 for the period ranging from July, 2007 to August, 2010, alleging that the CENVAT credit amounting to Rs. 4,08,08,286/- has been wrongly availed on input services and inputs and the CENVAT credit amounting to Rs. 3,20,84,784/- has been wrongly utilized. The appellant had availed CENVAT credit on input services valued at Rs. 2,28,01,762/- and CENVAT credit on inputs (Cement, Glass, Steel, Iron etc.) used for construction of buildings at Rs. 1,80,06,524/-.
(3.) A reply was submitted to the show cause notice, denying the allegations and demand. By the Order-in-Original the respondent had disallowed CENVAT credit of Rs. 4,08,08,286/- for the period from 2007-08 to 2010-11 availed by the appellant and ordered for recovery of the same under Rule 14 of CENVAT Credit Rules, 2004 and further confirmed the demand of service tax amounting to Rs. 3,20,84,784/- under Section 73(1) of the Finance Act, 1994. A penalty of equal amount was imposed under Rule 15 of CENVAT Credit Rules, 2004.;