TMI Blog2016 (12) TMI 1684X X X X Extracts X X X X X X X X Extracts X X X X ..... otional profit for arriving at the value of double or multi fold yarn - Held that: - As regard inclusion of 10% notional profit, we find that there is no statutory provision to include a fixed amount of notional profit in the value of the captively consumed goods. The notional profit can only be added if there is a profit as per the books of accounts of the assessee. In the present case, it is adm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elated to valuation of such yarn. Revenue included duty-paid on the single yarn in the cost of the double yarn and also 10% notional profit for arriving at the value of double or multi fold yarn. In the impugned order, the learned Commissioner (Appeals) upheld the demand on the ground that both these elements required to be added in the assessable value. 2. None appeared on behalf of the appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the issue to be decided is that, in the case of valuation of double or multi-fold yarn used captively for manufacture of other product, the duty suffered on the single yarn should be added in the value of double yarn and whether 10% notional profit should be added in the value of double yarn. Regarding the issue of inclusion of excise duty suffered on single yarn while manufacturing the dou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty on this count. We hold that neither excise duty suffered on the single yarn, nor 10% notional profit should be added in the value of the double yarn. However, in view of our above observation, since the duty has to be re-quantified, the matter needs remand to the original authority. We therefore, set aside the impugned order and remand the matter back to the original authority to re-quantify th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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