https://www.taxtmi.com/caselaws?id=50066 Modvat clearance of inputs requires reversal of the credit taken, rather than payment of duty at the rate prevailing on removal; a demand based on the latter approach was unsustainable. Differences between raw-material figures in statutory records and income-tax filings do not, without corroborative evidence, establish clandestine manufacture or removal; the related demand was set aside, with limited acceptance of process loss. Duty on unexplained higher scrap value recorded in the balance sheet was sustained. However, confiscation of plant and machinery was unwarranted, and the penalty was reduced. en-us Wed, 01 Nov 2000 00:00:00 +0530 Thu, 19 Aug 2010 15:34:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50066 Modvat clearance of inputs requires reversal of the credit taken, rather than payment of duty at the rate prevailing on removal; a demand based on the latter approach was unsustainable. Differences between raw-material figures in statutory records and income-tax filings do not, without corroborative evidence, establish clandestine manufacture or removal; the related demand was set aside, with limited acceptance of process loss. Duty on unexplained higher scrap value recorded in the balance sheet was sustained. However, confiscation of plant and machinery was unwarranted, and the penalty was reduced. Case-Laws Central Excise Wed, 01 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50066