https://www.taxtmi.com/caselaws?id=116639 On job-work manufacture of fabrics, valuation had to follow the Ujagar Prints cost construction formula of raw material cost plus job charges. Cut-pieces emerging during processing could not be separately valued at a lower market price merely because they fetched less in trade, where the same cost elements were involved in their production. The market-fetch basis was therefore not acceptable for such job-work goods, and the cut-pieces were not to be treated as rags for valuation purposes. The revenue's cost-based valuation approach was sustained and the assessee's lower valuation was rejected. en-us Mon, 24 Oct 2005 00:00:00 +0530 Thu, 14 Jun 2012 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116639 On job-work manufacture of fabrics, valuation had to follow the Ujagar Prints cost construction formula of raw material cost plus job charges. Cut-pieces emerging during processing could not be separately valued at a lower market price merely because they fetched less in trade, where the same cost elements were involved in their production. The market-fetch basis was therefore not acceptable for such job-work goods, and the cut-pieces were not to be treated as rags for valuation purposes. The revenue's cost-based valuation approach was sustained and the assessee's lower valuation was rejected. Case-Laws Central Excise Mon, 24 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116639