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2012 (4) TMI 412 - AT - Central ExciseShortages of raw material and finished goods noticed at Factory premises - Director of the company present at the time of stock checking accepted the shortages - further follow-up statements of the director admitted the illicit clearances of the finished goods and raw materials - confirmation of demand of duty, interest thereof and equal amount of penalty on the assessee-appellant, and penalty imposed on the individual appellant Rs.50,000/- Held that:- the statement of director present at the time of stock checking clearly indicates that clandestine removal of the raw materials as well as the finished goods have taken place and the amount for the same received in cash, thus the lower authorities were correct in coming to the conclusion that the appellant is liable to discharge duty liability on such clandestinely removed goods - benefit of Section 11AC to the appellant company is correct, legal and does not suffer from any infirmity - penalty imposed on the individual appellant, i.e Director Rs.50,000/- is reduced to Rs.25,000/-
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