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TMI Blog2016 (3) TMI 1171X X X X Extracts X X X X X X X X Extracts X X X X ..... ck as per record Metric T. Stock found on average basis Shortage Duty demanded Input (Steel Ingots/Billets) 1553.625 1553.599 0.026 0.00 Finished goods TMT bars 606.015 606.000 0.015 0.00 Finished goods Joist/Channel 2602.845 2528.935 73.910 269171.00 Total Stock verified in two hours 4762.485 4688.534 3. Thereafter, the statements of Sh. Rakesh Kumar Goyal, Director of the M/s. Aar Kay Industries was recorded and asked about the reason of shortage of the finished goods. At that moment he was not aware of the reasons of shortage. The detailed reply was filed that there was no shortage. To buy piece, the appellant immediately paid the duty of alleged shortage along with interest and paid 25% of duty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;Heard the parties and considered the submissions. 7. On perusal of the records, I find that in a short span of time physical stock taking of such a huge stock of 4762.485 MT of ingots is not possible. Admittedly, in this case the stock taking was done on average basis. For example, the stock taking of around 6'x3'x16" some places is taken 2.5 kg. per feet and in some cases 3.8 kg. per feet and in some cases 3 kg. per feet. This average figure shows that the stock taking was done on average basis and not on physical basis. Further, I find that if such method of weighment has been adopted there are certainly, variation will take place. In this case the shortage of only 74 MT in a stock of around 5000 MT which is a meagre one. Due to su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e on him, pay the duty in full or in part, as may be accepted by him along with the interest payable thereon under section 11AA and penalty equal to one percent of such duty per month to be calculated from the month following the month in which such duty was payable, but not exceeding a maximum of twenty-five percent of the duty, and inform the Central Excise Officer of such payment in writing. (7) The Central Excise Officer, on receipt of information under sub-section (6) shall - (i) not serve any notice in respect of the amount so paid and all proceedings in respect of the said duty shall be deemed to be concluded where it is found by the Central Excise Officer that the amount of duty, interest and penalty as provided ..... X X X X Extracts X X X X X X X X Extracts X X X X
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