2001 (11) TMI 471

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....h, DR, for the Respondent. [Order]. -  On hearing both the sides on the application , the appeal was taken up for disposal on granting waiver of pre-deposit of Rs. 1,59,714.42 and penalty of Rs. 50,000.00. 2. The Appellants were working under an exemption notification pertaining to Small Scale Sector Industries from 1-4-94 to 31-10-99. With effect from 1-1-99 they opted for the ....

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....ate estimate as to how much was in stock of inputs as on the appropriate date by way of records. Show cause notice was issued on 8-5-00 alleging denial of the transitional credit. The Deputy Commissioner denied the same and also imposed penalty as mentioned above. The assessees then filed an appeal. The Commissioner (Appeals) directed the appellant to deposit the entire amount of credit, reversed ....

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....de of the stock of inputs as on the material date, and also of inputs contained in the stock of finished article. As per the records it appears that the task of reconciliation was rendered harder by the assessee not having some document and the Excise demanding the very same documents which were not maintained. Shri Parekh at the time of personal hearing said that an accurate estimation can be mad....