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2009 (2) TMI 128 - PUNJAB AND HARYANA HIGH COURTPenalty u/s 11C – clandestine removal of goods - a categorical finding has been recorded by the Tribunal that such an intention cannot be presumed because the shortage which was detected during stock verification stood explained. As per the statement of the Director, the day-to-day affairs of the company were not being looked after by him and, therefore, he was not able to explain the shortage. There is no material to support the clandestine removal of inputs. Once the aforementioned findings of fact are there then it is not possible to apply the provisions of section 11AC of the Act so as to impose penalty
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