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2017 (4) TMI 989 - CESTAT MUMBAIValuation - related party transaction - whether the appellant and partnership firm concern M/s. Randeep Automobiles wherein HUF of Shri. B.G. Gandhi and M.G. Gandhi are the partners are related person and value at which the M/s. Randeep Automobiles sold the goods shall be treated as transaction value of the appellant - Held that: - there is nothing on record that there is any flow back of any extra consideration from M/s. Randeep Automobiles to the respondent company. Respondent company is a private limited company and M/s. Randeep Automobiles is partnership firm therefore both are not related in the eyes of the law. The transaction of ₹ 5 lakhs as loan on payment of interest cannot be the reason for holding partnership and private limited as related person - value of M/s. Randeep Automobiles cannot be adopted as assessable value of the respondent company - appeal dismissed - decided against Revenue.
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