https://www.taxtmi.com/caselaws?id=212755 An unretracted director's statement admitting clandestine removal of raw materials and finished goods, supported by stock shortages and unaccounted cash sales without invoices, was treated as sufficient evidence to sustain central excise duty, interest and penalty on the assessee. The relief already granted under Section 11AC was noted, and the substantive demand was maintained. The director's own involvement justified penalty under the Central Excise Rules, 2004, but the original penalty was found disproportionate on the facts and was reduced to a lower amount. en-us Mon, 12 Mar 2012 00:00:00 +0530 Mon, 23 Apr 2012 14:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212755 An unretracted director's statement admitting clandestine removal of raw materials and finished goods, supported by stock shortages and unaccounted cash sales without invoices, was treated as sufficient evidence to sustain central excise duty, interest and penalty on the assessee. The relief already granted under Section 11AC was noted, and the substantive demand was maintained. The director's own involvement justified penalty under the Central Excise Rules, 2004, but the original penalty was found disproportionate on the facts and was reduced to a lower amount. Case-Laws Central Excise Mon, 12 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212755