2003 (6) TMI 77

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..... 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 goods ought to be determined in accordance with the provisions .....

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..... 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 are not sold by him. The second is that they must be "used for .....

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..... 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 residuary rule determining the value. In other words, the value of s .....

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