https://www.taxtmi.com/caselaws?id=87597 For captively consumed goods, assessable value under Rule 6(b)(ii) of the Central Excise Valuation Rules must be based on cost of production or manufacture plus the normal profit the assessee would have earned on sale during the relevant period. A refund received in a later year could not be retrospectively treated as part of that normal profit, because the relevant profit is the profit reflected in the accounts for the years of manufacture and captive consumption. Reference to Section 41 of the Income-tax Act did not alter the excise valuation scheme. The subsequent refund therefore could not be added to the profit base, and the demand was set aside. en-us Tue, 28 Oct 1997 00:00:00 +0530 Thu, 08 Sep 2011 11:03:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=87597 For captively consumed goods, assessable value under Rule 6(b)(ii) of the Central Excise Valuation Rules must be based on cost of production or manufacture plus the normal profit the assessee would have earned on sale during the relevant period. A refund received in a later year could not be retrospectively treated as part of that normal profit, because the relevant profit is the profit reflected in the accounts for the years of manufacture and captive consumption. Reference to Section 41 of the Income-tax Act did not alter the excise valuation scheme. The subsequent refund therefore could not be added to the profit base, and the demand was set aside. Case-Laws Central Excise Tue, 28 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=87597