https://www.taxtmi.com/caselaws?id=48927 Under the Ujagar Prints valuation formula for processed fabrics cleared on job work basis, assessable value comprises the grey cloth value, job work charges, and manufacturing profit and expenses, so the Revenue is not bound by the trader's declaration and may verify whether the grey cloth component is undervalued. A declaration of grey fabric weight per metre is material because it directly affects the value of grey cloth and, in turn, the deemed factory-gate price of the processed fabric; misdeclaration therefore bears on duty and penalty liability. The valuation dispute was remanded for fresh consideration on merits. en-us Mon, 30 Sep 2002 00:00:00 +0530 Sat, 07 Aug 2010 12:34:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=48927 Under the Ujagar Prints valuation formula for processed fabrics cleared on job work basis, assessable value comprises the grey cloth value, job work charges, and manufacturing profit and expenses, so the Revenue is not bound by the trader's declaration and may verify whether the grey cloth component is undervalued. A declaration of grey fabric weight per metre is material because it directly affects the value of grey cloth and, in turn, the deemed factory-gate price of the processed fabric; misdeclaration therefore bears on duty and penalty liability. The valuation dispute was remanded for fresh consideration on merits. Case-Laws Central Excise Mon, 30 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=48927