9911796707
TMI Blog2017 (2) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... om the books of accounts fully or partially, then an amount equal to the cenvat credit in respect of such goods is required to be paid by the appellant - demand of interest and penalty - Held that: - It is not disputed that period of dispute is prior to 1.3.2011. It is also seen that balance sheet entries clearly indicate provision has been made for slow moving items, doubtful items and not as it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri G. Derrick Sam, Advocate For the Appellant Shri S. Nagalingam, AC (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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Today, when the matter came up for hearing, Shri G. Derrick Sam, Ld. Advocate appearing 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 gov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seen that balance sheet entries clearly indicate 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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