1999 (9) TMI 190

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....nts. [Order per : Gowri Shankar, Member (T)]. -  Two questions are required to be determined in this appeal filed by the department against the order of the Collector (Appeals). The first is whether M/s. Modi GBC Ltd., the respondent and General Binding Corporation, (GBC) (a US firm) are related. The second is whether the value of the drawings of the components supplied by GBC is to be adde....

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....hip of 40% of the respondent shares by GBC did not satisfy this criterion. This is sought to be challenged on the ground on the same ground in the notice. 3. It will be evident that this fact of ownership of the respondent shares by GBC to the extent of 40% of equity did not attract the provisions of clause (iv) of Rule 2(2). If they have to be called as ownership or having control as observ....

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....mpany, would not itself give it control over of the respondent. It would be out voted in any decision making by the remaining shareholders. There is absolutely no material to show that this would not so. Apart from this objection, this is an entirely new ground not contained in the notice or raised or considered therefore by the Assistant Collector or Collector (Appeals). We are unable to agree wi....