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Where the excisable goods are not sold by the assessee but are used for consumption by him or on his behalf in the production or manufacture of other articles, the value shall be one hundred and ten per cent of the cost of production or manufacture of such goods.
The value of Consumption shall be one hundred and ten per cent of the cost of production or manufacture of such goods.
MUNIRAJ SRINIVASAN
Valuation for captive consumption: when excisable goods are used in production, value fixed above cost to determine excise liability. Where excisable goods are not sold but consumed by the assessee or on his behalf in the production or manufacture of other articles, valuation for consumption is prescribed as a markup above the cost of production or manufacture, applying to captive consumption and fixing the taxable value for central excise by reference to production cost. (AI Summary)
