Home Highlights February 2016 Year 2016 This

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1. Reversal of Input Tax Credit - inputs consumed in dye intermediates (which is also a finished goods), where such goods have been destroyed in fire - - Since the said...

2. Shortage of inputs as well as finished good - without any evidence of removal of inputs and/or finished goods, merely on the basis of the difference between the excise...

3. CENVAT Credit - shortage recorded on the basis of stock taking - whether the cenvat credit in respect of shortage recorded on the basis of stock taking done by the...

4. Clandestine production and removal - excesses and shortages in stock - The quantum of excess and shortages determined by the exercise of stock taking is negligible in...

5. Reversal of cenvat credit after finished goods become exempted goods - Demand of CENVAT Credit on inputs lying in stock and inputs contained in finished goods lying in...

6. CENVAT credit - destruction of raw materials and semi-finished goods by fire - the input or semi-finished goods did not reach the stage of finished goods and the...

7. Clandestine removal - finished goods found short during the stock taking - since these were captively consumed they were exempt from duty under notification 67/95-CE...

8. Benefit of input tax credit (ITC) on Packing material - finished goods were stock transferred - Appellant is not entitled to the benefit of ITC in respect of packing...

9. Textile goods - manufactures have been directed by the commissioner of central excise to declare the stock of the inputs and finished goods and to get registered themselves

10. Denial of credit - Goods received on stock transfer basis - Revenue denied credit on the basis that it was stock transfer and not sale - credit allowed - AT

11. Duty demand - Shortage of stock - Clandestine removal of goods - information received from the Income tax Department cannot be made the sole basis for confirmation of...

12. Profit on sale of deficit stock outside the books - whether the entire deficit stock has to be taken as profit of the assessee or the profit element embedded in the...

13. Duty demand - Clandestine removal of goods - Shortage of goods - appellant is liable for excise duty and it is restricted to actual shortage of 102.476 MTs found short...

14. Loss arising from Inventory write off - disallowance of shortage in the value of inventory - shortfall in inventory - the assessee has engaged the services of a leading...

15. It is not possible to arrive at the conclusion that there would be no shortage of stock due to damage immature paddy damaged caused by rats etc. The basis on which the...