1999 (7) TMI 350

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....ble to avail benefits of Notification 48/77, dated 1-4-1977. The Assistant Commissioner had allowed the benefit and therefore the appeal. 3. Brief facts of the case are as follows. M/s. Ethnor Ltd. cleared goods on free physicians samples without payment of duty in pursuance of Notification 48/77, dated 1-4-1977. According to the explanation of the Notification "manufacturer" means : (a)        Where it is a company within the meaning of the Companies Act 1956 (1 of 1956) a company. (i)         Which does not hold any share in the capital of any foreign company; and (ii)        No part of the capital of which is ....

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....instant case M/s Ethnor is subsidiary of M/s Johnson & Johnson (India) which in turn is a subsidiary of M/s. Johnson & Johnson U.S.A. 5. The respondent refuted all the allegations levelled in his S.C.N. It was submitted that : (a)        Ethnor is not a foreign company within the meaning of Section 591(1) of the Companies Act, 1956 or Section 4(l)(c) of the Companies Act. (b)        Out of the total of 10,000 shares of Ethnor Ltd., 9980 shares were held by Johnson & Johnson (I) Ltd. and 20 shares were held by Stock Traders Pvt. Ltd. This proves that no part of the share capital of Ethnor has been held by the foreign company. (c)    &nb....

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....ct specified below. (a) ............................ (b) .......................... (c) ............................. (d) Indian Companies Act, 1913 (e) ............................ (f) ............................ (g)......................... 9. The meaning of Holding Company and Subsidiary Company under the provisions of Section 41(1)(c) validly covers only such Companies as are defined under Section 3(1) of the Companies Act, 1956 or Indian Companies Act, 1913 or any other Indian Acts set out therein. From the illustration that is given it is clear that Ethnor is a subsidiary Company. 10. From 5-4-1957 and at the relevant time Ethnor Ltd.'s entire share holding of 10,000 equity shares was held by only....