2006 (4) TMI 415

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....pellant. Shri Vimlesh Kumar, DR, for the Respondent. [Order per : Jyoti Balasundaram, Vice-President]. - The brief facts of the case are that on 4-12-98 an employee of M/s. Shantivijay Jewels Ltd. (the appellants herein) was caught at the main gate of Santacruz while attempting to take out 136.250 grams of gold. Subsequently, the stock of the appellants was verified and stock verification reve....

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....y plea raised before us is that the authorities below ought to have given allowance of invisible loss during the various stages of manufacture of semi-finished gold jewellery lying is stock instead of giving allowance of only 9% invisible loss on the finished gold jewellery lying in stock. We find that allowance of 9% invisible loss on finished gold jewellery is on the basis of Notification No. 17....