Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
The High Court allowed the petition and held that the petitioner is entitled to exemption from payment of excise duty up to 1% on transit loss for petroleum products transferred from the refinery/factory to the place of storage for the purpose of export. The impugned orders passed by the revisional authority were set aside, and the order passed by the Commissioner (Appeals) was restored. The demand raised regarding duty, interest, and penalty was quashed.
The High Court allowed the petition and held that the petitioner is entitled to exemption from payment of excise duty up to 1% on transit loss for petroleum products transferred from the refinery/factory to the place of storage for the purpose of export. The impugned orders passed by the revisional authority were set aside, and the order passed by the Commissioner (Appeals) was restored. The demand raised regarding duty, interest, and penalty was quashed.
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