https://www.taxtmi.com/caselaws?id=101699 In job-work manufacture of fabrics, assessable value is stated to comprise the grey fabric value in the processor's hands, plus job-work charges, manufacturing expenses and profit, but not the trader's post-manufacturing profits. On that valuation approach, suppression of the grey fabric value may justify revision of the assessable value of the processed goods. The commentary also notes that the processor may not be exposed to penalty merely because he proceeded on the trader's declared value. The matter was not finally settled and was directed to be placed before the President for reference to a Larger Bench. en-us Mon, 18 Feb 2002 00:00:00 +0530 Fri, 10 Feb 2012 17:30:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101699 In job-work manufacture of fabrics, assessable value is stated to comprise the grey fabric value in the processor's hands, plus job-work charges, manufacturing expenses and profit, but not the trader's post-manufacturing profits. On that valuation approach, suppression of the grey fabric value may justify revision of the assessable value of the processed goods. The commentary also notes that the processor may not be exposed to penalty merely because he proceeded on the trader's declared value. The matter was not finally settled and was directed to be placed before the President for reference to a Larger Bench. Case-Laws Central Excise Mon, 18 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101699