TMI Blog2017 (3) TMI 1405X X X X Extracts X X X X X X X X Extracts X X X X ..... AT credit of ₹ 26,12,481/- @ 16% of the said value - Held that: - There is no contrary evidence produced by the Revenue by which it could be concluded that the entire value of ₹ 1,63,28,010/- is attributable to inputs on which credit has been availed - certificates submitted by chartered accountants proof the bonafideness of assessee - demand set aside - appeal allowed - decided in fav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant had reduced the value of closing stock of the raw materials to the extent of ₹ 1,63,28,010/- by amortizing in their Balance Sheet(2002-03) but had not reversed the CENVAT credit of ₹ 26,12,481/- @ 16% of the said value. Consequently, SCN was issued for recovery of the said credit with interest and proposal for penalty; also personal penalty proposed against other two appellants. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l value includes consumption of inputs/raw materials, as well as other expenses for Research and Development purpose. It is his contention that the inputs/raw materials that had been consumed in the total value is only ₹ 58,78,084/- involving a total credit of ₹ 9,40,493/- which they have already reversed before issuance of show cause notice. It is his contention that even though a cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant in their balance sheet, the value of closing stock reduced by ₹ 1,63,28,010/- amortising the amount during the financial year 2002-2003 as mention in Schedule 8 of the balance sheet. It is the contention of the Revenue that the appellant had not reversed CENVAT credit of ₹ 26,12,481/- @16% on the said value. In explaining the reduction in value during the course of investigation, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concluded that the entire value of ₹ 1,63,28,010/- is attributable to inputs on which credit has been availed. In this circumstances, I do not find merit in the order of the Adjudicating Authority as well as Ld. Commissioner (Appeals), insisting for reversal of credit on the entire value considering the same as written off inputs and ignoring the specific evidences produced in the form of st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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