https://www.taxtmi.com/caselaws?id=198514 The Tribunal ruled that excise duty paid on single yarn and 10% notional profit should not be included in the value of double or multi-fold yarn. Citing a Supreme Court precedent, it held that excise duty of input need not be added to the assessable value of the final product. The Tribunal also found no statutory basis for adding notional profit unless supported by the assessee's books of accounts. As the appellant was incurring losses, the 10% notional profit was deemed inapplicable. The lower authority's decision was overturned, and the matter was remanded for re-quantification if necessary. en-us Thu, 01 Dec 2016 00:00:00 +0530 Fri, 02 Feb 2018 09:01:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198514 The Tribunal ruled that excise duty paid on single yarn and 10% notional profit should not be included in the value of double or multi-fold yarn. Citing a Supreme Court precedent, it held that excise duty of input need not be added to the assessable value of the final product. The Tribunal also found no statutory basis for adding notional profit unless supported by the assessee's books of accounts. As the appellant was incurring losses, the 10% notional profit was deemed inapplicable. The lower authority's decision was overturned, and the matter was remanded for re-quantification if necessary. Case-Laws Central Excise Thu, 01 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198514