https://www.taxtmi.com/caselaws?id=41500 The amended definition of "related person" in section 4 of the Central Excises and Salt Act, 1944 was upheld as within Parliament's legislative competence and not constitutionally infirm. On valuation, mutuality of business interest was essential for the first limb of the definition; where sales were on principal-to-principal terms and the assessee had no reciprocal interest in the buyers' business, the buyers were not "related persons" and resale price could not be adopted for excise assessment. The direction shifting the cost of furnishing a bank guarantee to the Revenue was unsustainable and was set aside. en-us Fri, 22 Jun 1984 00:00:00 +0530 Thu, 30 Oct 2025 20:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=41500 The amended definition of "related person" in section 4 of the Central Excises and Salt Act, 1944 was upheld as within Parliament's legislative competence and not constitutionally infirm. On valuation, mutuality of business interest was essential for the first limb of the definition; where sales were on principal-to-principal terms and the assessee had no reciprocal interest in the buyers' business, the buyers were not "related persons" and resale price could not be adopted for excise assessment. The direction shifting the cost of furnishing a bank guarantee to the Revenue was unsustainable and was set aside. Case-Laws Central Excise Fri, 22 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=41500