TMI Blog1971 (3) TMI 100X X X X Extracts X X X X X X X X Extracts X X X X ..... ese. The assessee borrowed a certain amount of cotton from one Valliappa Textiles, which had imported the same under the actual user's licence. The borrowing was permitted by the Textile Commissioner who directed that the loan should be returned in the shape of cotton and that neither of the transactions should be treated as a sale. It is not in dispute that the cotton imported under the actual us ..... X X X X Extracts X X X X X X X X Extracts X X X X
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