https://www.taxtmi.com/caselaws?id=436574 Duty could not be demanded on sponge iron by presuming production and removal from an alleged raw material shortage on a yield formula, so that demand was set aside; however, any Cenvat credit taken on the quantity concerned had to be reversed with interest. The objections based on absence of a search warrant, limitation, and denial of cross-examination did not defeat the demand relating to shortage of finished goods, because the investigation was treated as continuous and the demand was based on records found during inquiry. That demand was sustained. The personal penalty was found excessive and was reduced to Rs. 5,00,000/-. en-us Thu, 06 Apr 2023 00:00:00 +0530 Fri, 14 Apr 2023 18:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436574 Duty could not be demanded on sponge iron by presuming production and removal from an alleged raw material shortage on a yield formula, so that demand was set aside; however, any Cenvat credit taken on the quantity concerned had to be reversed with interest. The objections based on absence of a search warrant, limitation, and denial of cross-examination did not defeat the demand relating to shortage of finished goods, because the investigation was treated as continuous and the demand was based on records found during inquiry. That demand was sustained. The personal penalty was found excessive and was reduced to Rs. 5,00,000/-. Case-Laws Central Excise Thu, 06 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436574