TMI Blog2018 (5) TMI 868X X X X Extracts X X X X X X X X Extracts X X X X ..... stock, inasmuch as there are no inventory available but as per recording in the SCN, the stock taking was done by undertaking weight of one billet and then multiplying it with number of billets available in the factory, there is virtually no evidence to indicate that the same are meant for clandestine removal - the raw material cannot be seized and confiscated as per the settled law - there is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... initiated proceedings for confiscation of the same as also for imposition of penalty. 2. The show cause notice culminated into an order passed by the original adjudicating authority and confiscated the raw material as also the final product with an option to redeem the same on payment of redemption fine of ₹ 70,000/- . In addition, a penalty of ₹ 2,06,343/- was imposed in terms of p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evidence to indicate that the same are meant for clandestine removal. 4. The Director of the Company, in his statement have accepted the excesses but has no where accepted the fact that the same were not entered in the record with an intention to remove the same. The findings of the Commissioner (Appeals) that such statement is enough to prove that excess stock of MS billets so kept in the fac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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