- (1.) We have heard Shri Suyash Agarwal, learned counsel for the appellant. Shri S.P. Kesarwani, Sr. Standing Counsel, Central Excise and Service, Government of India, High Court, Allahabad appears for the respondents.
(2.) This Central Excise Appeal under Section 35G of the Central Excise Act, 1944 is directed against the order of the Customs, Excise and Service Tax Appellate Tribunal, (the Tribunal) New Delhi in Appeal No.E/2489/07-SM by which the appeal was allowed on 12.8.2009 holding that the appellant company is liable to penalty and the excess stock was liable for confiscation.
(3.) M/s Usha Martin Construction Steel Ltd.-the appellant, manufactures HSD Bars of iron and steel chargeable to central excise duty under sub heading 72142090 of the Central Excise Tariff. The factory was visited by the jurisdictional central excise officers on 24.12.2005. They carried out physical verification of raw material and finished material (HSD Bars). They found that the R.G.I. Register was showing total stock of 148.30 MT of 12 MM HSD Bars, whereas the actual stock was found to be 175.950 M.T., (an excess stock of 27.560 M.T.) in respect of HSD Bars of 12 M.M. In respect of HSD Bars of 16 M.M. as against RGI register balance of 49.115 MT the actual stock was found to be 94.115 M.T., (an excess stock of 45 M.T.). The total of excess quantity of 72.560 M.T. was found over and above the recorded balance in RGI. The value of this excess stock was about Rs.14.49 Lakhs.;