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2018 (3) TMI 1727 - ALLAHABAD HIGH COURTValuation - stock transfer of Medicament - relevancy of Maximum Retail Price i.e. MRP shown on the product - enhancement of value of turnover - Held that:- The turnover of the assessee would have to be determined with reference to the rate at which the product is sold by the assessee, and for such purposes the maximum retail price i.e. MRP at which product would be sold by the retailer is not material - MRP is usually fixed/specified by the manufacturer to ensure that the product manufactured by it is sold at one rate across the State. It is not at MRP that the product is being sold by the manufacturer from its stocks situated within the State of U.P. The Tribunal, therefore, was not justified in enhancing the turnover of the assessee and thereby imposing higher tax - Decided in favor of assessee and against Revenue.
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