https://www.taxtmi.com/caselaws?id=240448 CENVAT credit on inputs lying in stock as on 01.04.2000 could not be denied where the assessee had filed the stock declaration, the department had physically verified the stock and found it correct, and the credit was supported by duty-paying documents. The Revenue's case rested on assumptions drawn from sales tax and VAT returns and on a FIFO-based arithmetical working, but no contemporaneous evidence showed that the declared stock included trader-sourced goods. Statements recorded in investigation indicated separate storage and use of goods from manufacturers and traders. In the absence of contrary evidence, mere computation could not displace the declared stock position or justify denial of credit. en-us Fri, 05 Jul 2013 00:00:00 +0530 Sat, 26 Apr 2014 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240448 CENVAT credit on inputs lying in stock as on 01.04.2000 could not be denied where the assessee had filed the stock declaration, the department had physically verified the stock and found it correct, and the credit was supported by duty-paying documents. The Revenue's case rested on assumptions drawn from sales tax and VAT returns and on a FIFO-based arithmetical working, but no contemporaneous evidence showed that the declared stock included trader-sourced goods. Statements recorded in investigation indicated separate storage and use of goods from manufacturers and traders. In the absence of contrary evidence, mere computation could not displace the declared stock position or justify denial of credit. Case-Laws Central Excise Fri, 05 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240448