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2015 (8) TMI 586 - SUPREME COURT

2015 (8) TMI 586 - SUPREME COURT - 2015 (322) E.L.T. 805 (SC) - Valuation - best judgment assessment - Arm length sales is below the cost of production - related person - interconnected undertaking - Held that:- According to the Department, if the sale price contained in another chart is compared with the cost of production, it is clear that even the sales made to arm's length purchasers is at prices ranging between ₹ 69,000/- and ₹ 85,000/- which is way below cost at ₹ 1,57,54 .....

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cost plus principle on facts where arm's length sales are made at well below cost is to choose a principle that would work arbitrarily as the endeavour of the assessing authority is to arrive at an arm's length wholesale cash price to value the aforesaid manufactured articles for purposes of levy of excise duty. - Impugned order is partly set aside - Decided partly in favour of assessee. - CIVIL APPEAL NOS. 6811-6813 OF 2005, CIVIL APPEAL NO. 5029 OF 2006 - Dated:- 5-8-2015 - A.k. Sikri and Rohi .....

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a company whose shareholders are the Tamil Nadu Government - 17.61 per cent, SPIC - 16.93 per cent, and banks, financial institutions and the general public holding the balance of 65.46 per cent. The appellant, inter alia, manufactured Epichlorohydrin (hereinafter referred to as 'ECH') which is a chemical used in the manufacture of Epoxy Resins. The international price of ECH was stated to be very low compared to the high cost of production in India and therefore, on a representation mad .....

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sidiary CIBA India Private Limited, Mumbai, on the other, with an investment of ₹ 600 million, with the lion's share of investment being by CIBA-Geigy Limited and its subsidiary at ₹ 456 million and the appellant investing ₹ 144 million. For this reason, CIBA-Geigy Limited and its subsidiary held 76 per cent of the shareholding of the newly formed Joint Venture Company which is M/s. Petro Araldite Private Limited (hereinafter referred to M/s. PAPL) and 24 per cent of the sh .....

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ment dated 25.11.2000. Consequent upon the said exit of CIBA-Geigy Limited and its subsidiary and the entrance of Vantico, a new supply agreement dated 22.03.2001 was entered into. It is not necessary for the present appeals to go into details of any of these agreements inasmuch as there are detailed findings of fact both by the Deputy Commissioner in his Order-in-Original dated 30.07.2003 and by the Commissioner in his Order-in-Original dated 13.07.2004 who have considered these agreements in g .....

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'CESTAT') in the impugned judgment and we find no reason to disturb the same. The only discordant note was struck by the Commissioner (Appeals) in an appeal from the Order-in-Original dated 30.07.2003 by the appellant. We find cogent reasons given by the CESTAT to agree with the Order-in-Original and not with the appellate order dated 19.03.2004. This being the case, ordinarily we would have dismissed the present appeals. However, it has been pointed out by Shri S. K. Bagaria, learned s .....

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