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1964 (7) TMI 15 - SC - VAT and Sales TaxWhether a certain payment in annas, pice or pies discharges an ascertained liability? Held that:- Appeal dismissed. In the present case by the notification issued on March 31, 1956, the liability for payment of sales tax was to be computed at the rate of one anna in a rupee of the turnover. By virtue of section 14(3) of the Indian Coinage Act, for an anna mentioned in the notification 6 1/4 new coins will be substituted but as the substituted rate involved a fraction by the process of rounding off at the rate specified in sub section (2). The fraction of new coins will be omitted and the nearest new coins, i.e., six new coins will be deemed to be substituted in the statute. Liability for sales tax after the amendment of the Coinage Act will, therefore, be at the rate of 6 new coins for every rupee of sale price.
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