UNION OF INDIA & ORS. vs HIND LAMP LTD.

The Supreme Court upheld the High Court's decision that the prices charged by the respondent company to its customer companies should be the basis for determining the value of goods for excise duty under Section 4(4)(c) of the Central Excises & Salt Act, 1944. The Court clarified that the definition of 'related persons' in the statute does not apply in this case as the sales were on a principal-to-principal basis without any allegations of extra commercial consideration. The appeal by the Excise authorities was dismissed, affirming the High Court's ruling.