JUDGMENT

BHAGWATI, J.:— This appeal by certificate granted under Arts. 132 and 133 (1) of the Constitution raises a short question relating to the applicability of the definition of "related person" contained in clause (c) of sub-section (4) of S. 4 of the Central Excises and Salt Act, 1944 as it stood after its amendment by S. 2 of Central Act 22 of 1973 which came into force with effect from 1st October, 1975. The facts giving rise to this appeal are few and may be briefly stated as follows :

2. The assessee is a limited company engaged in the business of manufacturing dyes and it has its factory situate in Atul near Bulsar in the State of Gujarat. The share capital of the assessee is held by two limited companies : Atul Products Limited holds 50 per cent of the share capital while the remaining 50 per cent of the share capital is held by Imperial Chemical Industries Limited, London. The assessee at all material times sold the large bulk of dyes manufactured by it in wholesale to Atul Products Limited and Imperial Chemical Industries (India) Private Limited at a uniform price applicable alike to both these wholesale buyers and these wholesale buyers in their turn sold the dyes pur