2011 (6) TMI 628

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....tock which revealed the following discrepancies: S. No. Description of finished goods Stock should be as per record (MT) RUD-3 Qty. of goods physically found in the factory (MT) Difference in stock (MT) Rate per MT (Rs) RUD-3 Value of short found goods (Rs.) 01 Angle 274.095 253.715 (-)20.380 18500 377030/- 02 Rectangle Bar 171.135 154.700 (-)16.435 17500 287613/- 03 Square Bar 29.240 16.060 (-)13.180 18500 243830/- 04 Round Bar 10.910 1.805 (-) 9.105 18500 168443/- Total           1076916/- 4. Shri B.K. Srivastava, authorised signatory in his statement dated 14.8.07 admitted the shortage ....

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....actured by them have been reproduced above. In the case of round bar, the shortage is more than 85%. Similarly, in respect of square bar, the shortage is more than 40%. The value of the short found goods is also substantial, being more than Rs.10 lakh. The authorised signatory vide his statement recorded under Section 14 admitted the shortage but strangely expressed his inability to explain the same. It has not been claimed that statement of the authorised signatory accepting the shortage has ever been retracted. It is noticed that show cause notice was issued on 3.1.08 and the appellants have undisputedly received the same as could be seen from the fact that copy of show cause notice along with enclosures was submitted by them before the C....