https://www.taxtmi.com/caselaws?id=190410 On opting for SSI exemption, the transitional CENVAT reversal rule required credit to be reversed for inputs in stock, inputs in process and inputs contained in finished goods on the relevant date. The note states that where the assessee had filed regular returns, disclosed the credit availed and informed the Department of the exemption option, the dispute was confined to the correct quantum of reversal. It further notes that mere absence of a physical stock statement did not by itself establish suppression when stock position could be ascertained from available records. In such circumstances, deliberate suppression or intent to evade duty was not proved, so penalty and confiscation were not supportable. en-us Wed, 18 Jan 2017 00:00:00 +0530 Sat, 25 Mar 2017 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190410 On opting for SSI exemption, the transitional CENVAT reversal rule required credit to be reversed for inputs in stock, inputs in process and inputs contained in finished goods on the relevant date. The note states that where the assessee had filed regular returns, disclosed the credit availed and informed the Department of the exemption option, the dispute was confined to the correct quantum of reversal. It further notes that mere absence of a physical stock statement did not by itself establish suppression when stock position could be ascertained from available records. In such circumstances, deliberate suppression or intent to evade duty was not proved, so penalty and confiscation were not supportable. Case-Laws Central Excise Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190410