https://www.taxtmi.com/caselaws?id=111825 Valuation of hank yarn converted into yarn on cones had to follow the Board's circular, which bound Revenue officers. The assessee valued the goods by taking the cost of hank yarn, conversion cost and profit reflected in the balance sheet, while the Revenue added a 10% profit margin to the cost basis. Because the demand was raised on a valuation method contrary to the approved circular, the duty demand could not be sustained. The stated position is that the Revenue must apply the circular-prescribed method when computing value for such converted yarn. en-us Mon, 31 May 2004 00:00:00 +0530 Wed, 25 Apr 2012 13:35:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111825 Valuation of hank yarn converted into yarn on cones had to follow the Board's circular, which bound Revenue officers. The assessee valued the goods by taking the cost of hank yarn, conversion cost and profit reflected in the balance sheet, while the Revenue added a 10% profit margin to the cost basis. Because the demand was raised on a valuation method contrary to the approved circular, the duty demand could not be sustained. The stated position is that the Revenue must apply the circular-prescribed method when computing value for such converted yarn. Case-Laws Central Excise Mon, 31 May 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111825