TMI Blog2010 (2) TMI 672X X X X Extracts X X X X X X X X Extracts X X X X ..... ished goods were found in excess of the quantity mentioned in the books - It was not the case where the registers were not updated merely because of clerical or any other reasonable explanation - Decided against the assessee - 5 of 2003 - - - Dated:- 7-2-2010 - Yatindra Singh and Prakash Krishna, JJ. REPRESENTED BY : Shri A.P. Mathur, Counsel, for the Petitioner. Shri S.P. Kesarwani, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l as penalty was reduced to ₹ 1,50,000/- and ₹ 1,00,000/-. 6. The High Court by its order dated 1-5-2002 directed the Tribunal to refer the following questions for its opinion. Whether the Hon ble Tribunal was correct in drawing an adverse inference that the applicant had an intention to evade excise duty from the fact that inputs duly recorded in the prescribed records w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cess stock of finished goods would have been removed or finding proper time and opportunity ignoring the fact that anything duly recorded in the raw material account is bound to be recorded in other prescribed records also cannot be removed surreptitiously? 7. We have heard Shri A.P. Mathur, counsel for the Assessee and Shri S.P. Kesarwani for the Department. 8. It is not disputed that there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b). In view of this, there is no illegality in imposing the penalty or the redemption fine. 12. It may not be possible to infer that there was any intention on the part of the assessee to evade the payment duty merely from the fact that goods were found in excess. However in the present case, the Tribunal noted down that it was accompanied by the other factors namely there was a shortage of inpu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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