TMI Blog2010 (7) TMI 523X X X X Extracts X X X X X X X X Extracts X X X X ..... inished goods were tallied with the statutory record but while taking the stock of inputs, which were scattered in their factory, the stock taking was done on eye-estimation as agreed by both the parties - the inputs were found short as compared to their statutory record - Hence, in the absence of any of the ingredients of wilful misstatement, suppression, collusion or fraud, the penalty under Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terms, the stock was taken which was found short and accepted by the respondent on which they have paid the duty, which amounts to suppression of facts and the penalty has been rightly imposed. He further submits that the case law relied by the Commissioner (Appeals) is no more a good law as held by the Hon ble Apex Court in the case of Rajasthan Spinning Weaving Mills - 2009 (238) E.L.T. 3 (S.C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Central Excise Act without stating the reason of suppression, fraud, collusion or wilful mis-statement with intent to evade duty. In the absence of any of the ingredients 01 wilful misstatement, suppression, collusion or fraud, the penalty under Section 11AC is not imposable. 4. Heard both sides. 5. Considering the facts that the stock taking was done on eye-estimation as recorded in the Panc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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