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of <h1>Central Board Rejects Proposal to Use Previous Year's Production Costs for Valuing Captively Consumed Goods u/s 4.</h1> The Central Board of Excise & Customs examined a proposal from the Collector of Central Excise, Cochin, suggesting the use of the previous year's production costs to compute the assessable value of goods. The Board concluded that current production costs, including raw materials and labor, can be accurately determined using established accounting principles and cost accountants. Therefore, the proposal to use previous year's costs for valuing captively consumed goods was rejected, as current production costs are deemed relevant under Section 4 for such valuations.
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