Assessable value determination: factory-gate price governs processed fabrics; manufacturing profit and expenses included, trader's profit excluded. Assessable value for job-processed fabrics is the price at the factory gate or deemed factory gate; it is not simply the sum of the processor's grey-cloth cost and job charges. Manufacturing profit and manufacturing expenses must be added, while trader's profit must be excluded. Determination must follow the Supreme Court's principles together with applicable statutory valuation rules, using trader/processor information as relevant. The Board will not seek further Court clarification and has requested an immediate revenue impact assessment to consider possible retrospective legislative measures.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Assessable value determination: factory-gate price governs processed fabrics; manufacturing profit and expenses included, trader's profit excluded.
Assessable value for job-processed fabrics is the price at the factory gate or deemed factory gate; it is not simply the sum of the processor's grey-cloth cost and job charges. Manufacturing profit and manufacturing expenses must be added, while trader's profit must be excluded. Determination must follow the Supreme Court's principles together with applicable statutory valuation rules, using trader/processor information as relevant. The Board will not seek further Court clarification and has requested an immediate revenue impact assessment to consider possible retrospective legislative measures.
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