Duty demand on petroleum products should be based on net quantity after adjusting gain and loss: CESTAT rules in favour of Chennai Petroleum Corporation

Duty - demand - on - petroleum - products - quantity - gain - and - loss - CESTAT - rules - Chennai - Petroleum - Corporation - TAXSCAN

In the case of Chennai Petroleum Corporation, the Chennai bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that duty demand on petroleum products should be based on net quantity after adjusting gain and loss. M/s. Chennai Petroleum Corporation Ltd, the appellant is a Public Sector Undertaking and is engaged in…

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