Because the assessee held shares in this chemical companypany and the chemical companypany held shares in the assesses and the chairman and three directors were companymon, it was companytended by the revenue that they were related persons and that the price at which the assesses sold glassware to the chemical companypany should be marked up for the purposes of valuation for excise duty.
The matter having reached the tribunal, the case put forth by the revenue was accepted on this basis In the present case both the companypanies were set up by the same family and the appellant companypany is holding 9 of the shares of M s. Alembic Chemical Works Co. Ltd. while M s. Alembic Chemical Works Co. Ltd. holds 14 shares of the total shares held in the appellant companypany.
One of the purchasers of such glassware during the period under appeal, namely, 6th September, 1979 to 15th January 1983 was the Alembic Chemical Works Company Limited.
It manufactures glassware.
The appellant is a public limited companypany.
