2016 (3) TMI 668

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..... looked into whether there was any unaccounted removal of goods of aforesaid value done to cause loss to Revenue. ER-1 returns disclosed the stock position. But that was reconcilable with the reason of difference in respect of the figure appeared in Balance Sheet. That was not examined by appellate authority. The case was booked against the appellant on the basis of audit finding. They neither .....

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..... nce of ₹ 66,33,220/- arose in the manner above. He was satisfied that the stock in unpacked condition explained the position. That was not taken into consideration by audit party to determine value of closing stock under the Excise law. He was of the opinion that there was no discrepancy at all in the stock. The difficulty was only in understanding the mathematics of the closing stock valuat .....

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