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of <h1>New Circular: Use Last Year's Audited Profit for Determining Assessable Value of Captively Consumed Goods.</h1> The circular from the Central Board of Excise and Customs addresses the method for determining the assessable value of goods that are captively consumed. It clarifies that the profit before tax, as shown in the audited balance sheet of the previous year, should be used for this calculation. The profit margin is to be determined as a percentage of the cost of production from the previous year and added to the current year's production cost to arrive at the assessable value. This approach modifies previous instructions and emphasizes careful scrutiny of financial statements to ensure compliance.
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