1971 (3) TMI 100 - HC - VAT and Sales Tax

Summary

The High Court of Madras upheld the Tribunal's decision that a transaction involving borrowing and returning cotton did not constitute a sale, as the cotton was imported under an actual user's license and could not be sold. The court dismissed the tax case, stating that the payment made by the assessee to the lender was for clearing security on the cotton, not as consideration for a sale. The petition was dismissed, and no costs were awarded. (Case Citation: 1971 (3) TMI 100 - MADRAS HIGH COURT)