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1989 (4) TMI 280 - SC - VAT and Sales TaxWhether the entire turnover of cotton was entitled to deduction under section 5(2)(a)(vi) of the Punjab Act? Held that:- Appeal dismissed. As the entire purchase price of the cotton can be claimed as a deduction, because no part of the cotton after ginning was retained by the respondents. The entire ginned cotton was sold by the respondents to the registered dealers. The retention of the cotton seeds can make no difference. The assessing authority is not entitled to take into account cotton seeds for the purpose of computing the deduction to which the assessee is entitled.
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