Section 14: Effect of variation in balances struck or excess, etc., in stock of materials.

(1) If at any time when an account is taken by the proper officer and a balance is struck of the quantity of refined hydrocarbon oils in the possession of the holder of the refiner's licence, that quantity differs from the quantity thereof which ought to be kept in his possession according to any account required by this Act to be kept, the following provisions shall apply-
(a) if the former quantity exceeds the latter, the excess shall be liable to forfeiture; and
(b) if the former quantity is less than the latter, the holder of the refiner's licence shall be liable on summary conviction to a fine equal to twice the amount of the excise duty which would be payable on the quantity of refined hydrocarbon oils equal to that on the deficiency or six hundred naira, whichever is the greater.
(2) At any time when an account is taken by the proper officer and a balance is struck of the stock of materials, the following provisions shall apply-
(a) if any excess is found, or goods not authorised for use as materials are discovered in the stock, such excess or goods shall be liable to forfeiture; and
(b) if any deficiency is found which cannot be accounted for to the satisfaction of the Board, the quantity or value of materials representing such deficiency shall be deemed to have been used in manufacture and, in any particular case, duty shall be charged on the quantity or value of excisable goods reckoned to have been purchased with such quantity or value of materials.