JIGAR FOUNDRY Vs. COMMISSIONER OF CENTRAL EXCISE

JUDGEMENT

(1.) We have heard Mr. Paritosh Gupta, learned counsel appearing for Mr. Paresh M. Dave appearing for the appellant and Mr. Yogesh M. Ravani, learned Central Government Standing Counsel appearing for the respondents.

(2.) In this Tax Appeal, the appellant-assessee has challenged the judgment and order dated 4-8-2005 passed by the Customs, Excise and Service Tax Appellate Tribunal, Mumbai in Appeal No. E/1995/2003 [2006 (205) E.L.T. 1153 (Tribunal)].

(3.) The facts of the case are that the appellant is engaged in the business of manufacture of Cast Iron castings (C.I. Castings). The appellant has been working under the Modvat Scheme inasmuch as the inputs like pig iron and furnace oil are covered under the Modvat Scheme. On 2-5-1997, the Central Excise Officers visited the appellant's factory and conducted physical verification of the records as well as stocks, note books etc. During the course of inspection, the Officers found shortage of 221.388 MT of pig iron valued at Rs. 13,61,536/-. The said shortage was worked out the Modvat credit to Rs. 2,04,230/-.