Manufacturing profit: prior year's margin may be used to determine assessable value under valuation rules when comparables absent.

Rule 6(b) offers two valuation methods: comparable goods value and cost of production plus the profit the assessee would have normally earned. Method (ii) is a fallback used when comparables are unavailable and involves a hypothetical, approximate profit. The Board, with the Ministry of Law, endorses using the immediately preceding year's profit margin as a reasonable estimate of the manufacturing profit under method (ii) and finds no need to amend the Valuation Rules to change that instruction.

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