Valuation of captively consumed goods: current year cost of production governs assessable value, not prior year figures. The valuation principle requires using the current year cost of production to determine assessable value for captively consumed goods under Section 4; costs of raw materials, labour and related inputs for the current year are material and can be ascertained through established accounting principles or with the assistance of a cost accountant, so prior-year cost figures are inappropriate.
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.
Valuation of captively consumed goods: current year cost of production governs assessable value, not prior year figures.
The valuation principle requires using the current year cost of production to determine assessable value for captively consumed goods under Section 4; costs of raw materials, labour and related inputs for the current year are material and can be ascertained through established accounting principles or with the assistance of a cost accountant, so prior-year cost figures are inappropriate.
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