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2010 (7) TMI 523 - AT - Central ExcisePenalty under Section 11AC - Shortage of inputs - The method for stock taking be done on eye-estimation and on their agreed terms, the stock was taken which was found short - Stock taking was taken out of the finished goods as well as inputs - . The finished goods were tallied with the statutory record but while taking the stock of inputs, which were scattered in their factory, the stock taking was done on eye-estimation as agreed by both the parties - the inputs were found short as compared to their statutory record - Hence, in the absence of any of the ingredients of wilful misstatement, suppression, collusion or fraud, the penalty under Section 11AC is not imposable.
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