2004 (3) TMI 521

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..... During stock taking conducted on 6-11-1998, it was found that the appellants had excess of 102.691 MT of CR GC Sheets. At the same time, shortages of 56.325 MT of CR GP Sheets, 50.686 MT of CR GP Coils and 55.630 MT of CR Coils were found. 2. As far as the shortages of 55.630 MT of CR Coils is concerned, the appellants have no satisfactory explanation for the same. They have also paid the duty .....

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..... s is concerned, the appellants have not been able to explain the same satisfactorily. Shri Kalpesh Shah, learned C.A. places reliance on Ministry s Circular No. 22/78-CX-8, dated 26-10-1979 to say that 1% shortage is allowed in; respect of Iron and Steel products. However, it is seen that the said circular relates to shortages found at the time of annual stock taking in respect of Integrated Iro .....

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