https://www.taxtmi.com/caselaws?id=209638 Admission of stock shortage and unretracted statements showing sale of inputs in the open market without invoices or duty supported a finding of clandestine removal, attracting penalty under section 11AC of the Central Excise Act, 1944 read with Rule 13 of the Cenvat Credit Rules, 2002. The Director's knowing involvement also justified penalty under Rule 26 of the Central Excise Rules, 2002. Payment of duty before issuance of the show cause notice did not eliminate penalty exposure, but it supported application of the proviso to section 11AC for a reduced statutory penalty on the company. en-us Thu, 16 Jun 2011 00:00:00 +0530 Sun, 05 Feb 2012 07:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209638 Admission of stock shortage and unretracted statements showing sale of inputs in the open market without invoices or duty supported a finding of clandestine removal, attracting penalty under section 11AC of the Central Excise Act, 1944 read with Rule 13 of the Cenvat Credit Rules, 2002. The Director's knowing involvement also justified penalty under Rule 26 of the Central Excise Rules, 2002. Payment of duty before issuance of the show cause notice did not eliminate penalty exposure, but it supported application of the proviso to section 11AC for a reduced statutory penalty on the company. Case-Laws Central Excise Thu, 16 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209638