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2013 (5) TMI 572 - CESTAT AHMEDABADDemand of cenvat credit/interest/penalty - physical verification of the appellant’s stock Shortage was found by the department – As per appellant shortages were due to the burning or handling losses - Held that:- In normal accounting principles the quantity of raw material cleared from the stock is only reflected/debited in the statutory records and is not based on the end product manufactured without any record that how much quantity of raw material is consumed. Therefore shortages of raw material demanding cenvat credit and interest are required to be confirmed. So far imposition of penalty u/s 11AC is concerned it is observed that this Section was introduced in the Act w.e.f. 28.09.96 which is after the offence being committed in 1995. Thus, penalty is not attracted in this case for the period when penal provision.
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