Demand for Duty on Petroleum Operational Losses Exceeding 0.5% Deemed Incorrect Due to Lack of Upper Limit.

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....Demand of duty on operational loss in excess of 0.5% - permissible limit - business of refining and marketing of Petroleum products - difference between physical stock and the book sock is called operational loss. - no upper limit fixed for operational losses - Demand of duty not correct - AT....