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2010 (8) TMI 322 - HC - Central ExciseClandestine 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
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