2001 (9) TMI 1094 - AT - VAT and Sales Tax

Summary

The Appellate Tribunal, West Bengal Taxation Tribunal, disposed of the application without costs. The case involved an assessee engaged in the manufacture and sale of aluminium wire for the assessment year 1989-90. The assessing authority added an amount to the taxable turnover for a material loan that was forfeited in that year. The assessing officer treated the loan adjustment as a deemed sale, estimating the value of the goods not returned. The petitioner argued that there was no sale element in the loan arrangement, as admitted by the department in previous assessment years.