https://www.taxtmi.com/caselaws?id=326259 CENVAT credit was held reversible where inputs were found short in the factory and not physically available, even for periods before 11.05.2007, because the written-off input line of cases applied only to inputs still lying in the premises. The Tribunal treated shortages detected in departmental audit and cost-audit scrutiny as sufficient to sustain the extended limitation period. It also recognised the assessee's entitlement to the statutory option of 25% reduced penalty under Section 11AC, subject to timely compliance. The demand and penalty were otherwise sustained. en-us Tue, 05 Apr 2016 00:00:00 +0530 Mon, 11 Apr 2016 10:02:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326259 CENVAT credit was held reversible where inputs were found short in the factory and not physically available, even for periods before 11.05.2007, because the written-off input line of cases applied only to inputs still lying in the premises. The Tribunal treated shortages detected in departmental audit and cost-audit scrutiny as sufficient to sustain the extended limitation period. It also recognised the assessee's entitlement to the statutory option of 25% reduced penalty under Section 11AC, subject to timely compliance. The demand and penalty were otherwise sustained. Case-Laws Central Excise Tue, 05 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326259