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of <h1>Tribunal rules notional profit should not inflate assessable value</h1> <h3>STEELAGE INDUSTRIES LTD. Versus COMMISSIONER OF C. EX., CHENNAI</h3> The Tribunal allowed the appeal by M/s. Steelage Industries Ltd., holding that notional profit should not be added to determine the assessable value of ... Valuation - Captive consumption The appeal by M/s. Steelage Industries Ltd. questioned whether 10% notional profit should be added to determine assessable value of goods captively consumed. The Tribunal ruled that if no profit was earned during the relevant period, notional profit should not be included in the manufacturing cost for valuation. The appeal was allowed.
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