https://www.taxtmi.com/caselaws?id=108635 In a principal-to-principal job-work arrangement, the person undertaking manufacture was treated as the manufacturer for excise purposes, even though the brand owner supplied materials and supervised quality control. Mere supply of inputs and supervision did not convert the arrangement into one of principal and agent. The assessable value of biscuits had to be taken at the stage of manufacture on an intrinsic value basis, comprising raw-material cost, conversion or processing charges, and manufacturing profit, rather than the brand owner's wholesale selling price. The settled principle applied was that excise valuation must reflect the value of the goods when manufactured, not their later resale value. en-us Mon, 04 Nov 1996 00:00:00 +0530 Tue, 03 Apr 2012 11:46:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108635 In a principal-to-principal job-work arrangement, the person undertaking manufacture was treated as the manufacturer for excise purposes, even though the brand owner supplied materials and supervised quality control. Mere supply of inputs and supervision did not convert the arrangement into one of principal and agent. The assessable value of biscuits had to be taken at the stage of manufacture on an intrinsic value basis, comprising raw-material cost, conversion or processing charges, and manufacturing profit, rather than the brand owner's wholesale selling price. The settled principle applied was that excise valuation must reflect the value of the goods when manufactured, not their later resale value. Case-Laws Central Excise Mon, 04 Nov 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108635