2012 (4) TMI 520

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s of the Revenue department on 12.07.2008 and they noticed the following:- (i) Excess stock of Zinc Residue and Zinc Horn. (ii) Shortage of Zinc Metal on which modvat credit was taken. Show cause notice was issued to the appellant which was contested by the appellant on the ground that the excess material of Zinc residue found is nothing but WIP and WIP material cannot be taken into consideration as finished goods and further, the said WIP material was also consumed for the manufacturing of the final product in their factory premises. As regards the shortage of Zinc metal, it is submitted that the person handling the RG23 Part-I has failed to record the issues made for the purpose of production. Both the lower authorities did not a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... were declared as WIP even to the Bank and is recorded in their private records being in work in progress. In support of such submission, he produces copy of the statement of stock submitted by them to their bank, with whom they have hypothecated the stock. He would draw my attention to the date of the statement i.e. 10.07.2008 and submit that the officers visited the factory premises of the appellant on 12.7.2008, which would indicate that the appellant has been declaring this stock as WIP and recorded in their private records. It is his submission that the judgment of the Tribunal in the case of CCE Mumbai vs. Shree Rubber Plast Company (P) Limited 2007 (220) ELT 279 (Tri. Mumbai) and CCE Hyderabad vs. Srinivasa Frozen Foods Limited 2010 ....