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1998 (1) TMI 433 - SUPREME COURTWhether the purchases of the closing stock of goods as on 31st March, held by agents outside the State, could be brought to tax as having attained the quality of last purchase before that date under Explanation to section 2(xxvi) and section 8(b) of the Act? Held that:- Appeal dismissed. As no doubt in our mind that, by the amendment in the Explanation, the Legislature has altered the legal position prior to amendment that purchases of closing stock or goods on 31st March, held by agents outside the State, would not be brought to tax having not attained the quality of last purchase before that date. Therefore no merit in the contentions of learned counsel for the appellant.
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