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2008 (2) TMI 404 - HC - Central ExciseRecovery of Cenvat / Modvat Credit – inputs found short and written off in books of account - The petitioner provisionally debited an amount of Rs.1.50 lakhs on 22-5-1999 towards the short fall of Modvat inputs and undertaken to pay the balance, if any. The petitioner declared the inputs as shortage and written off in the balance sheet. So, that shows that the goods are not available and it has not been used for in or in relation to manufacture of any excisable goods. Rule 57-I provides for recovery f credit wrongly availed or utilised in irregular manner. Hence, in respect of the goods, which are found shortage and written off in the books of account on which credit has been taken, is sought to be reversed and in default of the same, penal consequences are taken against the petitioner – appeal dismissed
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