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1967 (4) TMI 136 - SC - VAT and Sales TaxSales tax liability - Held that:- Appeal dismissed. It is true that sections 3 and 4 speak of "a year", i.e., the financial year, and it is only the turn- over during that year that is liable to taxation in the hands of the assessee, but section 4 has to be read with the Second Schedule, and reading section 4 with the Second Schedule, it seems to us clear that a dealer is not liable to pay a tax on the purchases until the purchases acquire the quality of being the last purchases inside the State. we agree with the Madras High Court that the assessee is right in contending that he was entitled to claim deduction in respect of the value of the stock of ₹ 2,27,250 as being the purchases other than last purchases of cotton.
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