https://www.taxtmi.com/caselaws?id=123413 Cenvat credit was held inadmissible for inputs found short in stock records where the assessee failed to furnish a satisfactory reconciliation and could not support a set-off against alleged excesses in other items. Credit under the scheme is confined to inputs actually received and used in, or in relation to, manufacture. By contrast, penalty under Rule 13(2) of the Cenvat Credit Rules, 2002 required specific allegations and proof of fraud, wilful mis-statement, collusion, suppression of facts, or intent to evade duty; in the absence of such ingredients in the notice or findings, penalty was set aside. en-us Thu, 20 Mar 2008 00:00:00 +0530 Thu, 13 Sep 2012 17:18:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=123413 Cenvat credit was held inadmissible for inputs found short in stock records where the assessee failed to furnish a satisfactory reconciliation and could not support a set-off against alleged excesses in other items. Credit under the scheme is confined to inputs actually received and used in, or in relation to, manufacture. By contrast, penalty under Rule 13(2) of the Cenvat Credit Rules, 2002 required specific allegations and proof of fraud, wilful mis-statement, collusion, suppression of facts, or intent to evade duty; in the absence of such ingredients in the notice or findings, penalty was set aside. Case-Laws Central Excise Thu, 20 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=123413