https://www.taxtmi.com/caselaws?id=104795 Valuation of pig iron manufactured on a conversion basis had to be determined under the job-work principle, not by adopting the assessee's own sale price or comparable clearances. The Tribunal applied the Ujagar Prints line of authority and held that value must be worked out from costing data, because the department's reliance on sale prices could include trader's profit and would not reflect job-work clearances correctly. As the valuation basis was unsustainable, the matter was required to be reconsidered de novo. The related issue of suppression and the consequential penalties was left open. en-us Fri, 15 Mar 2002 00:00:00 +0530 Thu, 01 Mar 2012 12:49:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104795 Valuation of pig iron manufactured on a conversion basis had to be determined under the job-work principle, not by adopting the assessee's own sale price or comparable clearances. The Tribunal applied the Ujagar Prints line of authority and held that value must be worked out from costing data, because the department's reliance on sale prices could include trader's profit and would not reflect job-work clearances correctly. As the valuation basis was unsustainable, the matter was required to be reconsidered de novo. The related issue of suppression and the consequential penalties was left open. Case-Laws Central Excise Fri, 15 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104795