https://www.taxtmi.com/caselaws?id=49069 The case involved transit losses of low sulphur heavy stock (LSHS) during transportation to an Indian Oil Corporation installation. The applicants reported losses in some consignments and excess in others. The lower authorities allowed condonation of losses but did not consider setting off losses against gains. The Government directed reconsideration, emphasizing the need to account for both losses and gains on a periodic basis and determine duty on net losses after allowing condonation. Reconciliation of losses and gains was ordered monthly due to frequent movement. Similar revision applications were disposed of in the same manner. en-us Fri, 12 Apr 1991 00:00:00 +0530 Mon, 09 Aug 2010 15:01:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49069 The case involved transit losses of low sulphur heavy stock (LSHS) during transportation to an Indian Oil Corporation installation. The applicants reported losses in some consignments and excess in others. The lower authorities allowed condonation of losses but did not consider setting off losses against gains. The Government directed reconsideration, emphasizing the need to account for both losses and gains on a periodic basis and determine duty on net losses after allowing condonation. Reconciliation of losses and gains was ordered monthly due to frequent movement. Similar revision applications were disposed of in the same manner. Case-Laws Central Excise Fri, 12 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49069