TMI Blog2018 (4) TMI 592X X X X Extracts X X X X X X X X Extracts X X X X ..... s the figures from Balance Sheet cannot be relied to compute the value of duty paid raw material and finished goods. In absence of above figures of Balance Sheet cannot be treated as true measure of quantity of duty paid raw material on which the credit has been taken and the value of finished goods manufactured from duty paid raw material. Since there is no evidence to substantiate allegations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imit. After crossing the said limit every year, the appellant started availing CENVAT credit and paying Central Excise duty. It was claimed by the learned Counsel that they were procured their inputs from duty paid sources till they reached the exemption limit and procured their inputs from duty paying sources after crossing the said total exemption limit. At the beginning of each financial year b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed value of stock procured for non-duty source as well. While Revenue treated the entire closing stock which is the stock of goods procured from duty pay sources. Learned counsel pointed out that they have declared to Revenue the stock of raw material and finished goods relating to inputs obtained from duty paid sources. He pointed out that they were not required to reverse any credit on inputs ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e appellant and sought reversal of CENVAT credit on the basis of the said value discarding the statement of raw material and finished goods produce by the appellant. Learned Counsel has sought to challenge the figures from Balance Sheet on the ground that the closing stock of raw material of finished goods included the value of (i) traded goods and (ii) non-duty paid raw material and finished good ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
