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1971 (9) TMI 160 - SUPREME COURTWhether on the facts and in the circumstances of the case, the transactions are purchases of cotton by the society from its members? Held that:- Appeal allowed. Therein this court on an examination of various clauses in the agreement held that the relationship between the assessee and its representatives was that of agent and principal and not of vendors and purchasers. Set aside the judgment of the High Court and discharge the answer given by the High Court and answer the question referred to the High Court in the negative and in favour of the assessee.
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