Notional profit cannot be added to captively consumed goods' assessable value without actual profit under valuation rules.

Captively consumed goods cannot have notional profit added to assessable value where no actual profit was earned. The valuation rule permits inclusion of profit only on the basis of real profit, and the Tribunal's earlier decisions were treated as settling that position. Reliance on the cited Supreme Court decision did not displace that rule because it was not read as authorising notional profit. The challenge also failed on the procedural point that any grievance lay against the remand direction rather than only the consequential order, so the appeal was unsuccessful.

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Issues: Whether notional profit can be added while determining the assessable value of captively consumed goods when no actual profit was earned.

Analysis: The valuation rule applicable to captively consumed goods permits inclusion of profits only where there are actual profits. The settled position reflected in the Tribunal's earlier decisions is that, in the absence of profit, no notional profit can be added to the assessable value. The reliance placed on the cited Supreme Court decision did not alter this position, as no contrary view on notional profit was laid down there. The challenge to the appeal also lacked merit because the grievance, if any, was against the remand direction and not the consequential order alone.

Conclusion: The addition of notional profit was impermissible and the appeal failed.

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