https://www.taxtmi.com/caselaws?id=96398 Shortage of inputs found during stock verification justified disallowance of Modvat credit and penalty where the recorded balance in RG 23A Part I did not match the physical stock. The assessee's later statement did not establish any recording error or show that the closing balance was wrongly reflected, and the belated plea that some inputs were under process did not alter the stock position relevant to the records. The CEGAT, Kolkata upheld the disallowance and the penalty and rejected the appeal. en-us Tue, 29 May 2001 00:00:00 +0530 Wed, 21 Dec 2011 13:54:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96398 Shortage of inputs found during stock verification justified disallowance of Modvat credit and penalty where the recorded balance in RG 23A Part I did not match the physical stock. The assessee's later statement did not establish any recording error or show that the closing balance was wrongly reflected, and the belated plea that some inputs were under process did not alter the stock position relevant to the records. The CEGAT, Kolkata upheld the disallowance and the penalty and rejected the appeal. Case-Laws Central Excise Tue, 29 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96398