https://www.taxtmi.com/caselaws?id=113843 For captively consumed goods valued under Rule 6(b)(ii) of the Central Excise (Valuation) Rules, the profit element must reflect the normal profit attributable to the relevant period, not the profit shown in the previous year's balance sheet. The Tribunal noted that the assessee had added 10% notional profit to cost, while the demand was computed by applying 17.46% from the prior year. Relying on the Larger Bench view, it held that only the profit ordinarily earned on sale of such goods during the assessment period is relevant; the Board circular cited by the Revenue had already been considered in that precedent. The 17.46% addition was therefore unsustainable and the demand failed. en-us Wed, 07 Apr 2004 00:00:00 +0530 Tue, 08 May 2012 17:02:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113843 For captively consumed goods valued under Rule 6(b)(ii) of the Central Excise (Valuation) Rules, the profit element must reflect the normal profit attributable to the relevant period, not the profit shown in the previous year's balance sheet. The Tribunal noted that the assessee had added 10% notional profit to cost, while the demand was computed by applying 17.46% from the prior year. Relying on the Larger Bench view, it held that only the profit ordinarily earned on sale of such goods during the assessment period is relevant; the Board circular cited by the Revenue had already been considered in that precedent. The 17.46% addition was therefore unsustainable and the demand failed. Case-Laws Central Excise Wed, 07 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113843