2006 (8) TMI 481

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....or the Respondent. [Order]. -  Heard both sides. 2. Appellant filed this appeal against the impugned order whereby the credit of Rs. 62,199/- was denied and penalty of Rs. 16,000/- was imposed. The credit was denied on the ground that on the date of visit the inputs on which the credit has been taken was not found in the factory. The contention is that before the Revenue Officer....

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....down outside the factory but subsequently used in the manufacture of final product in the factory. The appellant also relied upon the Board Circular dated 1-5-96 issued by the Central Board of Excise and Customs permiting storage of inputs outside the factory premises. The contention of the Revenue is that the credit can be availed only on the inputs received in the factory). As on the date of vis....