Modvat cannot be denied only the basis of statement recorded without providing assessee opportunity to cross examine evidences

Brief facts of the case:

M/s SM Energy Teknik & Electronics Ltd (Appellant No.1) was engaged in the manufacture of Industrial Machineries, classifiable under Chapter 84 of the Schedule to the Central Excise Tariff Act, 1985. On 12.04.1999, the office premises of the Appellant were searched by Central Excise officers. They also searched the office premises of two registered dealers viz. M/s Prakash Steelage Ltd and M/s Prakash Steel, both located at Mumbai. The said officers seized several records an

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