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2019 (3) TMI 299 - HC - VAT and Sales TaxInterpretation of statute - holding of stock - scope of the word “held” - Section 8(f)(ii) of the Kerala Value Added Tax Act 2003 - Held that:- The Tribunal found favor with the assessee's argument that the holding of stock, as found in the provision, can only be running stock and not the turnover in any event. The Tribunal, while taking note of the argument did not feel fit to remand the matter for consideration of the issue. The finding of the Tribunal is correct, but however, the question has to be dealt with as interpreted by the Tribunal. The Assessing Officer will have to necessarily look at the running stock of the business which should have to be compared with the previous year and if the same is double the running stock of the previous year, necessarily the cancellation would be proper - revision allowed by way of remand.
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