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TMI Blog2016 (7) TMI 223X X X X Extracts X X X X X X X X Extracts X X X X ..... DER Ld. Counsel submits that the imported goods after being polished have been exported. There was also no discrepancy in the stock record. Revenue merely alleges that the marbles imported did not go back in the course of export. Exports have been made under bond. Neither redemption fine is imposable nor also penalty be imposed. 2. Ld. A. R. says that conducting physical inventory, series ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt or credible evidence was shown to reconcile stock discrepancy found by investigation. Appellant failed to show the exports were made out of foreign marbles imported. The stock inventory reveal discrepancy. It is held by Hon'ble Madras High Court in Alagappa Cements Pvt. Ltd. vs. CEGAT, Chennai-2010 (260) ELT 511 (Mad.) that deficiency in stock found is indicator of clandestine removal of goods. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... version was not proved by Revenue, following the ratio of the Hon'ble Madras high Court in Alagappa Cements Pvt. Ltd. (supra). Therefore the adjudication order has to be upheld. We order accordingly. 6. Now comes the question of redemption fine and penalty. Since the goods have been exported under bond, redemption fine is imposable on mis-declaration. Considering the value of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant for exports, the penalty imposed appears disproportionate. That is reduced to Rs. lakhs. 11. The third penalty is under Section 117. This is residuary penalty. Such residuary penalty is limited to Rs. 1 lakhs. Therefore, penalty of Rs. 2 lakhs is reduced to Rs. 1 lakh. 12. Penalty under Rule 27 of Central Excise Rules, 2002 has been imposed for improper maintenance of records ..... X X X X Extracts X X X X X X X X Extracts X X X X
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