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2016 (3) TMI 479 - AT - Central ExciseDenial of Cenvat credit on capital goods - Held that:- Following the ruling of Honourable Gujarat High Court and Bombay High Court in the cases of M/s Nish Fibres & M/s Maharashtra Electrosmelt Ltd. (2009 (12) TMI 415 - Gujarat HIGH COURT ) as the appellant have withdrawn the claim of the depreciation, which is an admitted fact, set aside the denial of Cenvat credit along with the penalty imposed under Rule 15 read with Section 11 AC of the Act. Reversal of Cenvat credit on the stock of raw materials found short - Held that:- On perusal of record, find that the Panchanama is silent on the method of stock taking. It does not disclose the mode of physical verification. Under such circumstances, the contention of the appellant that the stock taking was done by way of eye estimation, is held tenable. Further find that the said objection have not been dealt with in the order-in-original or in the impugned order in appeal. Thus hold that the allegation of shortage of raw materials, does not stand. Thus, set aside the demand in respect to shortage of raw material along with penalty under Rule 15 read with section 11 AC on the appellant company as well as the penalty on the authorized signatory, Mr. Vipin Bajaj under Rule 26 of the Central Excise Rules. - Decided in favour of assessee
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