The Commissioners may, in respect of the duties of excise imposed by the provisions referred to in section 97 and, subject to compliance with such conditions as may be prescribed, remit such duties on excisable products under a suspension arrangement which are shown to their satisfaction to have been lost -
(a) during production, processing or holding in the State or transportation to a destination in the State, or
(b) in the course of transportation to the State,
and that such loss was -
(i) due to fortuitous events or force majeure, or
(ii) a loss inherent in the nature of the excisable products in the course of their production, processing, holding or transportation.