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2017 (9) TMI 1718 - AT - Central ExciseValuation - related party transaction - case of Department is that one Shri Manish Dhanuka was a common Director in both the companies, namely, assessee- Appellants and M/s Dhanuka Laboratories Ltd., so it was presumed that both are related persons and that is why goods were sold at a lower price to M/s Dhanuka Laboratories Ltd. Held that:- Hon’ble Supreme Court in the case of Alembic Glass Industries Ltd. vs CCE, [2002 (4) TMI 75 - SUPREME COURT OF INDIA], has observed that if Directors are common in two different Companies, then they may not be considered as the ‘related persons’ - appeal allowed - decided in favor of appellant.
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