9911796707
TMI Blog2006 (2) TMI 516X X X X Extracts X X X X X X X X Extracts X X X X ..... [Order per : C.N.B. Nair, Member (T)]. - The appellant manufactures envelopes from paper produced by it. The envelopes are not liable to duty; but the paper consumed in their production is. And the appellant discharged the duty. As the duty was based on value, the appellant indicated the same in a declaration filed on 1-4-2004, and duty was paid on the declared value. Subsequently, a show cause n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the value worked out on cost of production basis. It is also contended that inclusion of the overall profit of the company for the valuation of a captively consumed item is not permissible. According to the assessee what is relevant is the profit normally earned on the sale of "such goods" (paper in the present case) and not overall profit of the company. 3. We have perused the records and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 5.50/- REINFORCED PAPER (SHEET) Brown 4807.10 Rs. 4.60/- Yellow 4807.10 Rs. 5.25/- Ledger 4807.10 Rs. 5.60/- Sd/- (RAGHVENDRA SINGH) MANAGER Place ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the above declaration of the appellant that the appellant had furnished both costs of production as well as sale price. It was for the Revenue to choose the correct basis. The values declared have not been assailed in the proceeding as false. Therefore, clearly, this is not a case of suppression of material facts. Further, the sale prices are very close to the costs of production. In the circumsta ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
