TMI Blog2000 (10) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... e Revenue. Issue relates to valuation. According to the department the respondents M/s. Electro Services (P) Ltd., are the related persons of M/s. H.V. Industrial Electronics Pvt. Ltd., company. Arguing for the Revenue Shri P.K. Jain, ld. SDR submitted that the appellant is a partnership concern consisting of two partners and the very partners are the Directors of buyer M/s. H.V. Industrial Electr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as defined under Section 4(4)(C) of the Act. Furthermore, no evidence was brought on record to show that there was any mutuality of interest in between the assessee and the buyer company. Nor was money flow back in between two concerns. Further, he said that on the similar facts and circumstances of the case with reference to the very buyer i.e. M/s. H.V. Industrial Electronics Pvt. Ltd. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee and H.V. Industrial Electronics are 'related persons'. In the case of Private Limited companies, relationship between the companies cannot be decided on the principle applicable to partnership firms. There is nothing on record to show that there was any mutuality of interest between the two private companies. In the absence of mutuality of interest, Revenue cannot successfully contend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sition to interfere with the finding arrived at by the Collector in the order impugned in this appeal". 3. We have carefully considered the submissions. We are not convinced with the arguments advanced on behalf of the Revenue that since the Partners of the assessee are the Directors of the buyer company, the assessee should be treated as a related person. Furthermore, nothing on record to subst ..... X X X X Extracts X X X X X X X X Extracts X X X X
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