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TMI Blog2012 (10) TMI 733X X X X Extracts X X X X X X X X Extracts X X X X ..... lic limited companies have common Directors does not mean that the one company has an interest to the business of the other - assessee and the chemical company were not related persons - E/719/2004 - A/274/2012-WZB/C-II(EB) - Dated:- 14-2-2012 - S/Shri S.S. Kang, Sahab Singh, JJ. REPRESENTED BY : Shri A.K. Prabhakar, Supdt., (AR), for the Appellant. Shri P. Shah, Advocate, for the Respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent is to be taken at the price which M/s. Mojj are selling the goods. The Revenue submitted that both the companies are having common Directors and having under the same management. 4. The contention of the Revenue is that M/s. Indus Fabricons are having three Directors and M/s. Mojj are having four Directors and three Directors are common in both the companies. Eight shareholders, includ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice at which M/s. Indus has sold the finished goods to M/s. Mojj cannot be considered the correct assessable value under Section 4(1)(a) and the same has to be arrived at by considering the price at which such goods are sold subsequently by M/s. Mojj to the ultimate buyers. 5. The contention of the respondent is that in the show-cause notice it is admitted fact that M/s. Indus are selling 90% of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mojj are purchasing the same goods from other manufacturer at almost same price. Further, we find that the Hon ble Supreme Court in the case of Alembic Glass Ltd. (supra) has held as under : - In our view, this is the heart of the matter. The shareholders of a public limited company do not, by reason only of their shareholding, have an interest in the business of the company. Equally, the fact ..... X X X X Extracts X X X X X X X X Extracts X X X X
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