https://www.taxtmi.com/caselaws?id=54468 Unexplained shortage of inputs in stock verification justified reversal of Modvat credit because the assessee was obliged to account for receipt, use and balance of inputs, and the Revenue was not required to prove clandestine removal once the shortage remained unsubstantiated. The credit demand was upheld. On penalty, the assessee's pre-notice deposit was considered in reducing the penalty, while the personal penalty on the director was not sustained. The assessee's penalty was reduced and the director's penalty was set aside. en-us Tue, 21 Jun 2005 00:00:00 +0530 Wed, 20 Oct 2010 11:40:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=54468 Unexplained shortage of inputs in stock verification justified reversal of Modvat credit because the assessee was obliged to account for receipt, use and balance of inputs, and the Revenue was not required to prove clandestine removal once the shortage remained unsubstantiated. The credit demand was upheld. On penalty, the assessee's pre-notice deposit was considered in reducing the penalty, while the personal penalty on the director was not sustained. The assessee's penalty was reduced and the director's penalty was set aside. Case-Laws Central Excise Tue, 21 Jun 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=54468