Valuation uniformity: assessable value must include notional profit, job work cost construction, and credit term interest inclusions. Administrative valuation rules require inclusion of previous year gross profit as notional profit for captive consumption; job work outputs valued under Rule 7 by comparable market value or cost construction using landed raw material cost plus job charges (excluding consignor's selling profit); interest elements within the general credit period and amounts in excess of normal bank interest are includible in assessable value; effective sales tax rates (excluding input set off) are deductible; discounts such as warranties, campaign, regional, special or year end bonuses not known at removal are not deductible, while uniform prompt payment discounts are deductible.
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Provisions expressly mentioned in the judgment/order text.
Valuation uniformity: assessable value must include notional profit, job work cost construction, and credit term interest inclusions.
Administrative valuation rules require inclusion of previous year gross profit as notional profit for captive consumption; job work outputs valued under Rule 7 by comparable market value or cost construction using landed raw material cost plus job charges (excluding consignor's selling profit); interest elements within the general credit period and amounts in excess of normal bank interest are includible in assessable value; effective sales tax rates (excluding input set off) are deductible; discounts such as warranties, campaign, regional, special or year end bonuses not known at removal are not deductible, while uniform prompt payment discounts are deductible.
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