https://www.taxtmi.com/caselaws?id=111579 Bought-out piston rings and circlips were held outside the assessable value of piston assemblies because excise valuation can extend only to goods manufactured by the assessee, not to independently procured items supplied along with them. Although the Revenue relied on expert opinion treating the rings and circlips as essential parts of a piston assembly, the tariff scheme treated the goods as parts of engines, and separate purchase, sale and billing showed that they were not part of the manufactured goods. Supply or assembly convenience did not convert bought-out components into manufactured goods. The demand and penalty were not sustainable. en-us Fri, 16 Apr 2004 00:00:00 +0530 Tue, 24 Apr 2012 11:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111579 Bought-out piston rings and circlips were held outside the assessable value of piston assemblies because excise valuation can extend only to goods manufactured by the assessee, not to independently procured items supplied along with them. Although the Revenue relied on expert opinion treating the rings and circlips as essential parts of a piston assembly, the tariff scheme treated the goods as parts of engines, and separate purchase, sale and billing showed that they were not part of the manufactured goods. Supply or assembly convenience did not convert bought-out components into manufactured goods. The demand and penalty were not sustainable. Case-Laws Central Excise Fri, 16 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111579