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TMI Blog2018 (4) TMI 592X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 powder etc. and the appellant were not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement. 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 Balance Sheet after adjusting the revers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. I find that the Revenue has compared the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce Sheet cannot be relied to compute the value of duty paid raw material and finished goods. Secondly the appellant claimed that they have procured non-duty raw material and some of which part of the closing stock has not been challenged with evidence. In absence of above figures of Balance Sheet cannot be treated as true measure of quantity of duty paid raw material on which the credit has been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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