https://www.taxtmi.com/caselaws?id=51785 Modvat credit on alleged Ferro Nickel was sustained for recovery because the assessee did not dispute reversal of the credit already taken. Duty demands on shortage of iron and steel scrap and on stainless steel billets cleared as alloy and non-alloy steel were upheld, the first being supported by a panchnama in the presence of representatives and the second by the assessee's records and the Vice-President's statement linking production, despatch and RG 1 entries. Penalty was found warranted for the established violations, but was reduced as excessive on the facts. en-us Mon, 09 Dec 2002 00:00:00 +0530 Tue, 28 Sep 2010 12:27:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51785 Modvat credit on alleged Ferro Nickel was sustained for recovery because the assessee did not dispute reversal of the credit already taken. Duty demands on shortage of iron and steel scrap and on stainless steel billets cleared as alloy and non-alloy steel were upheld, the first being supported by a panchnama in the presence of representatives and the second by the assessee's records and the Vice-President's statement linking production, despatch and RG 1 entries. Penalty was found warranted for the established violations, but was reduced as excessive on the facts. Case-Laws Central Excise Mon, 09 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51785