Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2010 (8) TMI 322 - GUJARAT HIGH COURT
Clandestine removal – Evidence – Shortage of fabrics – Stock not verified physically while drawing panchnama - Director of the assessee-Company submitted an affidavit wherein it was clearly mentioned that the stock verification was not conducted physically and was not compared with the recorded balance thereof – statement of Director subsequently retracted - appellant not in a position to point out any evidence to the contrary, in support of the case of the revenue as regards shortage of material or clandestine removal of goods – Demand cannot be raised merely based on statement retracted later without any corroborative material