COMMNR.OF CENTRAL EXCISE, MUMBAI vs M/S.FISHER ROSEMOUNT INDIA LTD.

The Supreme Court upheld the decision of the Customs, Excise & Gold (Control) Appellate Tribunal, which reversed the valuation determination made by the Assistant Collector of Customs under Section 14(1)(b) of the Customs Act, 1962. The Court found that mere equity participation by M/s. Rosemount Inc. USA in the respondent company did not establish them as related persons, as there was no evidence of mutual interest in each other's business. Consequently, the tribunal's ruling that the declared price for valuation should be accepted was affirmed, leading to the dismissal of the appeal by the Commissioner of Central Excise, Mumbai.