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2011 (5) TMI 623 - AT - Central ExciseStock verification - excess quantity available of sponge iron - confiscation of the excess raw materials and allowed redemption on payment - Held that:- Liability to accounting for excisable goods by an assessee includes an auxiliary obligation to maintain accounts of raw material received and utilized. When such a huge quantity of raw material was found unaccounted and when no explanation was forthcoming, acquisition of unaccounted raw materials cannot be held for any honourable purpose, confiscation of the substantial quantity of unaccounted excisable goods deserves to be upheld, redemption fine is reduced from Rs.2,04,371/- to Rs.50,000/- and the penalty is also reduced from Rs.2,04,371/- to Rs.50,000/-.
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