https://www.taxtmi.com/caselaws?id=41918 A buyer-seller arrangement between manufacturers and wholesalers does not, by itself, make the wholesalers "related persons" under excise valuation law; the definition requires real direct or indirect financial or managerial interest in each other's business, and no such association was shown. In valuing goods, only manufacturing cost and manufacturing profit are relevant, so post-manufacturing expenses cannot be added; the assessing authority also had to consider the assessees' cost accountant's certificate and request for provisional assessment. Because the valuation process ignored this material and denied a fair inquiry, the price-list rejection and valuation order were set aside for reconsideration and provisional assessment. en-us Wed, 11 Aug 1982 00:00:00 +0530 Tue, 08 Jun 2010 10:01:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=41918 A buyer-seller arrangement between manufacturers and wholesalers does not, by itself, make the wholesalers "related persons" under excise valuation law; the definition requires real direct or indirect financial or managerial interest in each other's business, and no such association was shown. In valuing goods, only manufacturing cost and manufacturing profit are relevant, so post-manufacturing expenses cannot be added; the assessing authority also had to consider the assessees' cost accountant's certificate and request for provisional assessment. Because the valuation process ignored this material and denied a fair inquiry, the price-list rejection and valuation order were set aside for reconsideration and provisional assessment. Case-Laws Central Excise Wed, 11 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=41918