Assessable value of processed fabrics must exclude trader's profit, requiring reassessment and refund of excess excise duty.

Processed fabrics must be assessed by excluding trader's profit, because inclusion of that element distorts the excisable value and the duty legally payable. On that basis, a fresh reassessment was required for the relevant period to determine the correct duty and any refundable excess. The text states that the excise authorities were to recompute the assessable value and refund the excess duty found recoverable, resulting in partial relief to the petitioners.

---

---

Issues: Whether the assessable value of processed fabrics had to be reassessed by excluding trader's profit and whether the excise authorities were required to refund the excess duty collected.

Analysis: The assessable value of processed fabrics was required to be determined in accordance with the settled principle that trader's profit must be excluded. Since the assessable value had been fixed by including trader's profit, a fresh reassessment was necessary to determine the duty legally payable and the amount, if any, refundable to the petitioners.

Conclusion: The authorities were directed to reassess the value of the processed fabrics for the relevant period and refund the excess duty found to be recoverable, thereby granting partial relief to the petitioners.

---