https://www.taxtmi.com/caselaws?id=94249 In job work valuation, assessable value must be based on the cost of raw materials supplied by the buyer plus processing charges, manufacturing profit and related expenses, rather than the price charged to independent buyers. Where the assessee had disclosed the price list and RT-12 returns and the department already had the relevant facts, extended limitation could not be invoked for want of suppression. On the same basis, the connected penalty was unsustainable. The valuation adopted on a job work basis was accepted, and the duty demand and penalty were set aside. en-us Wed, 08 Sep 1999 00:00:00 +0530 Mon, 21 Nov 2011 11:46:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=94249 In job work valuation, assessable value must be based on the cost of raw materials supplied by the buyer plus processing charges, manufacturing profit and related expenses, rather than the price charged to independent buyers. Where the assessee had disclosed the price list and RT-12 returns and the department already had the relevant facts, extended limitation could not be invoked for want of suppression. On the same basis, the connected penalty was unsustainable. The valuation adopted on a job work basis was accepted, and the duty demand and penalty were set aside. Case-Laws Central Excise Wed, 08 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=94249