https://www.taxtmi.com/caselaws?id=244746 The Tribunal upheld the imposition of a penalty under Rule 15(2) of Cenvat Credit Rules, 2004 read with Section 11AC, due to significant shortages of raw materials at the appellant's factory. The appellant's inadequate explanation for the discrepancies led the Tribunal to conclude that the shortages were likely due to clandestine removal or fraudulent Cenvat credit availment. The penalty was set at 25% of the duty demand if paid within 30 days, with failure to comply resulting in the imposition of the full penalty amount. en-us Fri, 25 Oct 2013 00:00:00 +0530 Fri, 07 Mar 2014 07:32:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244746 The Tribunal upheld the imposition of a penalty under Rule 15(2) of Cenvat Credit Rules, 2004 read with Section 11AC, due to significant shortages of raw materials at the appellant's factory. The appellant's inadequate explanation for the discrepancies led the Tribunal to conclude that the shortages were likely due to clandestine removal or fraudulent Cenvat credit availment. The penalty was set at 25% of the duty demand if paid within 30 days, with failure to comply resulting in the imposition of the full penalty amount. Case-Laws Central Excise Fri, 25 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244746