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of <h1>Supreme Court Ruling: Fabric Assessable Value Must Include Manufacturing Profit, Exclude Trader's Profit Per Central Excises Act Section 4.</h1> The circular addresses the implications of a Supreme Court order dated January 27, 1989, regarding the determination of assessable value for fabrics processed on a job basis. It clarifies that the assessable value should not merely be the sum of the grey fabric cost and job charges. Instead, it should include manufacturing profit and expenses. The trader's profit is excluded from the assessable value. The Board advises against seeking further clarification from the Court and emphasizes applying the principles from the order, considering Section 4 of the Central Excises Act. A report on the order's revenue impact is requested for potential retrospective legislation.
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