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2016 (7) TMI 1172 - AT - Central ExciseRedemption fine and penalty imposed - clandestine removal of goods - non recording of shortage in their statures records - Held that:- In this case, upto 22.12.2010, the stock as per books was 366.184 MT but the goods found short of 124.302 MT having the value of ₹ 40,64,675/- which are to be included in the value of the clearance. If the same is done, the clearance of the appellant exceeded the threshold limit of ₹ 1.5 crore as per Notification No. 8/03-CE dated 1.3.2003. Therefore, the appellant was required to be registered on the said date and the appellant has not applied for registration, therefore, I do not any infirmity in the allegation against the appellant made by the Revenue that the goods weighing 211.882 MT in physical stock are meant for clandestine removal. In the circumstances, thus hold that the goods found in physical stock are liable for confiscation. In that circumstance, the redemption fine and penalty imposed on the appellant are highly excessive, therefore, the redemption is reduced to ₹ 1 lakh (one lakh) and penalty to ₹ 50,000/- (fifty thousand).
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