https://www.taxtmi.com/caselaws?id=325905 Modvat credit cannot be retained where stock verification establishes shortages in inputs and the assessee fails to satisfactorily explain the discrepancy. The Tribunal accepted verification conducted in the presence of responsible officials and approved custodians, supported by bin cards and reconciliation records, and treated the shortage as proved. On that basis, the credit demand and penalty were sustained, with no ground found to interfere with the adjudication. en-us Tue, 29 Mar 2016 00:00:00 +0530 Fri, 01 Apr 2016 11:06:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325905 Modvat credit cannot be retained where stock verification establishes shortages in inputs and the assessee fails to satisfactorily explain the discrepancy. The Tribunal accepted verification conducted in the presence of responsible officials and approved custodians, supported by bin cards and reconciliation records, and treated the shortage as proved. On that basis, the credit demand and penalty were sustained, with no ground found to interfere with the adjudication. Case-Laws Central Excise Tue, 29 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325905