1967 (7) TMI 107 - HC - VAT and Sales Tax

Summary

The High Court of Madras allowed the petition in part, dismissing it in other respects. The Tribunal was correct in its opinion on the second item of turnover, relating to sales of unread newspapers during import. However, the Court disagreed with the Tribunal regarding the first item of turnover, involving sales by banks as pledgees. The Court held that the banks were not acting as agents of the assessee and were not liable to pay tax on the turnover. No costs were awarded. (Case citation: 1967 (7) TMI 107 - Madras High Court)