2006 (6) TMI 544

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.... ORDER Krishna Kumar, Member (J) 1. Heard both sides. 2. The issue relates to under valuation on account of sales being not at arms length being related person. After hearing both sides on perusal of the records and the case laws relied on, we find that the show cause notice was issued for related persons and sale not being at arms length. Additional Commissioner, after adjudication foun....

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....rs of a public limited company do not, by reason only of their shareholding, have an interest in the business of the company. Equally, the fact that two public limited companies have common Directors does not mean that the one company has an interest in the business of the other. It is, therefore, not possible to uphold the conclusion of the Tribunal that the assesses and the chemical com....

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....dence to show any flow back and any additional consideration for the said sale of the semi-finished M.S. Pipes from the appellants to M/s Surindra Engg. Co. Ltd. The evidence available does not establish that the supply of semi-finished pipes from the appellants to their associate concern M/s Surindra Engg. Co. (P) Ltd. The evidence available does not establish that the supply of semi-finished pip....