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2016 (12) TMI 1229 - CESTAT KOLKATADemand - Reversal of Cenvat credit - Shortage of stock - Penalty - Held that: - stock verification was not done properly can only be considered as an after-thought and is rejected. Appellant has therefore, correctly paid duty with respect to shortages found and are correctly liable to penalty. So far as reversal of Cenvat Credit on goods cleared as such is concerned, the Appellant is of the view that inputs were in the form of rods and after receipt some of the inputs were found to be defective - To a specific query from the Bench whether any processes were carried on the inputs before selling them as waste and scrap, ld.Consultant appearing for the Appellant could not bring any evidence on record to suggest that any process was done on the inputs before the same were sold - The argument of the Appellant that inputs on receipt were found defective and were cleared as waste and scrap is not tenable because even if the defective inputs are sold as scrap then also the actual Cenvat Crdit taken at the time of receipt of these inputs was required to be reversed - Appeal dismissed - decided against the assessee.
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