2017 (2) TMI 60

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....AR) For the Respondent ORDER The facts of the case are that appellants are manufacturers of Graphite Heat Exchanger and parts thereof. During audit, it was noticed that appellant had made a provision in their books of account to write off certain slow and non-moving stock of raw materials and finished goods to the extent of Rs. 88,94,158/- as per their Balance Sheet for the years 2009-10, 20....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ppearing for appellant submitted that, on the previous hearing, appellant had been directed to produce relevant balance sheet entries and the department directed to produce copy of the audit report.  3.  These have been produced today and perused. 4.  Ld. Counsel submitted inter alia that the instant case is governed by provision of Rule 3 (5B) ibid as it existed before 1.3.20....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ndicate provision has been made for slow moving items, doubtful items and not as items fully written off.  This being the case, the entry in question will have to be considered as partial write off only and not as an entry for full write off.  For the period prior to 1.3.2011, provision has been made for payment of equal amount of cenvat credit of value of inputs or capital goods only pe....