TaxTMI 
TaxTMI 
2003 (6) TMI 77
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....r per : Gowri Shankar, Member (T)]. - Mahindra Ugine Steel Co., common appellant in these appeals, was engaged in the manufacture on job work of parts of motor vehicles. It based the value for assessment of these goods on the cost of their manufacture, the cost of converting raw materials to the finished product and the profit. Two notices were issued to it on the ground that the value of the good....
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.... not sold by the assessee but are used for consumption by him or on his behalf in the production or manufacture of other articles, the value shall be one hundred and fifteen per cent of the cost of production or manufacture of such goods." For the provision of this rule to apply, therefore, two requirements are to be fulfilled. The first is that the excisable goods that the assessee manufactures a....
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.... the Valuation Rules "read with" the judgment of the Supreme Court in Ujagar Prints Ltd. - 1989 (39) E.L.T. 493 and Pawan Biscuits Co. Pvt. Ltd. - 2000 (120) E.L.T. 24. In Ujagar Prints, the Supreme Court said that value for assessment of the goods manufactured by a job worker will consist of the total of the cost of raw material, manufacturing cost and the manufacturing profit. Rule 11 is residua....