Rule 8
To Sell Product In Stock In The Event Of Cancellation Of License
In the case of the products in stock in the warehouse at the time of cancellation of the license pursuant to the Act and these Rules, they may be sold by obtaining permission of the Department and paying the excise duty due and payable. In cases where the due and payable excise
duty is not paid to the Department, the Department may auction off such products and collect the due and payable excise duty from the proceeds of the sale and refund the surplus amount, if any, to the concerned person.
duty is not paid to the Department, the Department may auction off such products and collect the due and payable excise duty from the proceeds of the sale and refund the surplus amount, if any, to the concerned person.