https://www.taxtmi.com/caselaws?id=450620 Area-based exemption notifications requiring special value addition rates must be applied using the actual figures from audited financial records, not a notional estimate of raw material cost. The prescribed formula called for computation from the preceding financial year's sale value, deduction of raw materials and packing material consumed, eligible fuel cost, and inventory adjustments. Because the rejection was based on notional raw material costing contrary to the notification, and the statutory auditors' certificate supported the actual value addition, the refusal to fix the special rate was unsustainable. The claimant was entitled to fixation of the special value addition rate at 73.5%. en-us Wed, 28 Feb 2024 00:00:00 +0530 Sat, 09 Mar 2024 07:36:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450620 Area-based exemption notifications requiring special value addition rates must be applied using the actual figures from audited financial records, not a notional estimate of raw material cost. The prescribed formula called for computation from the preceding financial year's sale value, deduction of raw materials and packing material consumed, eligible fuel cost, and inventory adjustments. Because the rejection was based on notional raw material costing contrary to the notification, and the statutory auditors' certificate supported the actual value addition, the refusal to fix the special rate was unsustainable. The claimant was entitled to fixation of the special value addition rate at 73.5%. Case-Laws Central Excise Wed, 28 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450620