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2012 (9) TMI 457 - GOVERNMENT OF INDIA, MINISTRY OF FINANCEDemand of duty and penalty - warehousing of Petroleum products - storage loss beyond the permissible limit of 0.5% - applicant neither paid any duty on it nor mentioned such losses in the monthly return which was beyond the permissible limit - applicant has contended the cumulative losses for the month may be calculated for all the storage tanks – Held that:- No set off of a gain or loss in a tank is permitted against the loss or gain in another tank - applicant has not furnished specific reasons for more losses in certain storage tank. Therefore there is no ground for condoning losses exceeding the permissible limit – demand and penalty confirmed
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