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TMI Blog2021 (12) TMI 379X X X X Extracts X X X X X X X X Extracts X X X X ..... s a dealer registered under the Kerala Value Added Tax Act, 2003 (for short, 'the KVAT Act') and the Revision is directed against the order of the Kerala Value Added Tax/Agricultural Income Tax and Sales Tax Appellate Tribunal, Additional Bench, Kozhikode dated 30.07.2015 in T.A.(VAT) No.110/14. 2. The Assistant Commissioner (Audit Assessment) Commercial Taxes, Podikund, Kannur passed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds booked is to be taken on payment of consideration. The dealer depending upon the market conditions and available stock, could opt-out from the booking contract by accepting the difference price between the booked price and the market price, i.e., where the market price is more than the booked price and the converse of the situation is by paying the difference between the booked price and the ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are not in dispute and the implication in law in the application of Sections 2(xliii) and 2(lii) would arise for consideration in the revision. The inclusion of margin trading profit in turnover is completely beyond the meaning of applicable sections in the KVAT Act. Secondly, he refers to and relies on clarification order No.C3/12215/16/CT, dated 6th October, 2016, which considered the effect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stead of this Court examining the circular dated 06.10.2016 and applying to the facts of the case. He suggests that the Tribunal could be called upon for re-examination of the issue by keeping in perspective the decision taken in circular dated 06.10.2016 and case could be remitted to the Tribunal. For the view we are proposing to take, namely, as the matter requires reconsideration by the Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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