2000 (7) TMI 156

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.... the TISCO and Timken of USA. They imported certain machineries, tools etc. from Timken of USA. Customs valuation of these goods is the issue involved in the present proceeding. 2. The Assistant Commissioner of Customs passed an order dated 28-6-96 holding that the appellants and Timken of USA are related persons and, therefore, the purchase price cannot be accepted for valuation of goods to Cust....

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....counsel representing the appellants, submitted that this issue remains settled in favour of the assessee vide the decision of the Tribunal in the case of Daewoo Motors India Ltd. v. Commr. of Customs, New Delhi [2000 (115) E.L.T. 489 (Tribunal) = 2000 (36) RLT 727]. 4. With regards to the findings in the Commissioner's (Appeals) order that provisions of Rule 9(1)(c) of Customs Valuation Rules are....

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....ustified the impugned orders. 6. We have perused .the records and have considered the submissions made on behalf of both the sides. It is settled law that share holding of the foreign company in the Indian company does not make them related parties [Daewoo Motors India Ltd. - 2000 (36) RLT 727. Therefore, there was no justification for treating the imports of the appellants as from related person....