https://www.taxtmi.com/caselaws?id=170296 Transitional deemed credit for grey fabric required a written stock declaration containing sufficient particulars to establish that eligible goods were in stock, in process, or contained in finished products on the specified date and capable of verification. Goods described merely as in transit, without the premises address or other identifying details, did not meet those requirements; deemed credit was therefore denied. Penal action was not justified despite the ineligibility of credit because the omission did not warrant punishment. The credit denial remained effective, while the penalty was set aside. en-us Tue, 11 Sep 2007 00:00:00 +0530 Fri, 22 May 2015 10:26:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170296 Transitional deemed credit for grey fabric required a written stock declaration containing sufficient particulars to establish that eligible goods were in stock, in process, or contained in finished products on the specified date and capable of verification. Goods described merely as in transit, without the premises address or other identifying details, did not meet those requirements; deemed credit was therefore denied. Penal action was not justified despite the ineligibility of credit because the omission did not warrant punishment. The credit denial remained effective, while the penalty was set aside. Case-Laws Central Excise Tue, 11 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170296