https://www.taxtmi.com/caselaws?id=190410 Penalty under Section 11AC and confiscation under Rule 25 do not apply merely because an assessee opting for SSI exemption reversed only the CENVAT credit balance rather than credit attributable to inputs, work-in-process and finished goods in stock. The transitional rule required reversal of stock-related credit, but regular returns disclosed the credit and the exemption option. Where stock quantities can be determined from available records, absence of a physical stock statement alone does not establish suppression. In the absence of proved deliberate suppression or intent to evade duty, penalty and confiscation are not sustainable. 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 Penalty under Section 11AC and confiscation under Rule 25 do not apply merely because an assessee opting for SSI exemption reversed only the CENVAT credit balance rather than credit attributable to inputs, work-in-process and finished goods in stock. The transitional rule required reversal of stock-related credit, but regular returns disclosed the credit and the exemption option. Where stock quantities can be determined from available records, absence of a physical stock statement alone does not establish suppression. In the absence of proved deliberate suppression or intent to evade duty, penalty and confiscation are not sustainable. Case-Laws Central Excise Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190410