Case Law Details
Steel Authority of India Ltd Vs Commissioner of Central Excise (CESTAT Bangalore)
The CESTAT Bangalore in M/s. Steel Authority of India Ltd. v. The Commissioner of Central Excise [Appeal No. E/562/2008 dated May 25, 2023] overturned the decision to demand excise duty based on the differential quantity of goods as per the ER-1 returns and the audited books of accounts. The tribunal determined that the discrepancy between the values mentioned in the RG-1 and the physical stock statement provided by the assessee was inherently inaccurate, as both values were estimated.
Facts:
M/s. Steel Authority of India (“the Appellant”) is engaged in the business of manufacturing of iron and steel products and it conducts annual stock verification of finished/ semi -finished goods manufactured every financial year.
The Revenue Department found various differences between physical stock of finished/semi-finished goods shown in Appellant’s stock statement when compared with the adjusted RG-1 for the year 2001-02, 2002-03, 2003-04 (“the Impugned Period”).
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