2008 (2) TMI 752

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....spondent. [Order per : Chittaranjan Satapathy, Member (T)]. -  Heard both sides. The appellants manufactured liquid oxygen. They also procured oxygen in case of shortage from the sister unit on payment of duty and they took credit thereof. Both 'manufactured' and 'procured' oxygen, are stored in a common tank from which the same is supplied duty free to M/s. IISCO and to hospitals and are a....

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....gen obtained from both the sources in common tank as a measure of facilitation, removal from the common tank has to be considered applying any acceptable accounting principle applicable to inventory management. Shri Sudip Bhattacharyay, Manager of the appellant-Companies, appearing for the appellants, states that the Company applies the principle of first-in first-out in respect of common inventor....