Home Case Index All Cases Central Excise Central Excise + AT Central Excise - 2014 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (12) TMI 622 - AT - Central ExciseAvailment of ineligible Cenvat Credit - Shortage of physical stock - Imposition of equivalent penalty - Held that:- In view of the decisions of the Hon'ble Bombay High Court in the case of Greaves Cotton Ltd. [2007 (8) TMI 254 - HIGH COURT BOMBAY] which is the jurisdictional High Court, we are duty bound to follow this decision. As per the decision, if there is a shortage of inputs and the assessee fails to account for utilization of inputs which were found short on which the credit was claimed, then the department was right in denying the Cenvat Credit on such inputs found short. However, the Hon'ble High Court observed that the demand cannot be confirmed for the extended period as there cannot be any mis-statement on the part of the appellant in such cases as the shortage was with reference to stock recorded in the books of accounts. Following the ratio of this decision assessee directed to make pre deposit - Partial stay granted.
|