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2017 (5) TMI 1454 - CESTAT NEW DELHIValuation - related party transaction - Whether the appellant, manufacturer of CI pipes, fittings etc. have been rightly charged or demanded duty as short paid on the allegation that they have cleared goods to related person at lower value and have undervalued the clearances as compared to other independent buyers? Held that: - the appellant and the said firm Raj Iron Foundry, Agra are not relatives, one being a limited company registered under the Companies Act and the other being a partnership firm - So far the issue of interconnected undertakings is concerned, there is no such allegation nor any fact is on record, if the two partners of the said Raj Iron Foundry, hold directly or indirectly, not less than 50% of the shares, whether a preference or equity, of the appellant company or exercise control, directly or indirectly, whether as Director or otherwise over the body corporate, as defined under section 2(g) of Monopolies and Restrictive Trade Practices Act, 1969 as made applicable to the definition of “related persons” under the Central Excise Act - neither the allegation of related person is sustainable nor the allegation of interconnected undertakings which although have not been established or averred - appeal allowed - decided in favor of appellant.
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