2018 (4) TMI 592

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....r: Raju This appeal has been filed by M/S Tool India against demand of reversal of CENVAT credit, interest and penalty. 2. Learned Counsel for the appellant pointed out that the appellant small scale manufacturer availing benefit of exemption under Notification No. 8/2003 dated 01.03.2003. The main inputs for the appellant were ferrous waste and scrap, furnace oil, aluminium shots, graphite ....

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....k declared by them in their stock statement. The Revenue compared the values of the closing stock of the raw materials and finished goods of the appellant on the basis of figures shown in their Balance Sheet and arrived at the value of finished goods and raw material available at the end of the financial year. The Revenue demanded different reversal of the CENVAT credit on the value declared in Ba....

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....sumable lying in stores, mould boxes, pattern and other miscellaneous stores items. However no cognisance of the said certificate taken by the Adjudicating Authority. He pointed out that the figures mentioned in the Balance Sheet also include the finished goods, in respect of which no credit was taken. 3. Learned A.R. relied on the impugned order. 4. I have gone through the rival submissions....