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TMI Blog1961 (8) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... reme Court in J.K. Jute Mills Co. Ltd. v. State of U.P. and Another[1961] 12 S.T.C. 429. In view of this decision the learned counsel is not in a position to press the main point. A subsidiary point taken by him is that as mentioned in grounds Nos. (vii). (xi) and (xii) of the grounds of the petition. This point has been urged by him somewhat as follows: By reason of sub-section (3) of section 14 of the Indian Coinage Act, 1906, as amended by the Indian Coinage (Amendment) Act, 1955, the rate of sales tax, which is expressed as one anna per rupee in the notification, should be contrued as being expressed in terms of naya Paisa According to the learned counsel's interpretation of sub-sections (2) and (3) of section 14 of the Act, the substit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rns upon the provisions of section 14. Reference to sections 13 and section 6 has been made by me only because in section 14 reference is made to section 13, and in section 13 reference is made to section 6. Section 14, which is divided into three sub-sections, runs as follows: "14. Decimal system of coinage.--(1) The rupee shall be divided into one hundred units and the new coin representing such unit may be designated by the Central Government, by notification in the Official Gazette, under such name as it thinks fit. and the rupee, half-rupee and quarter-rupee shall be respectively equivalent to one hundred, fifty and twenty-five such new coins and shall, subject to the provisions of sub-section (1) and sub-section (2) of section 13 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t has to be designated by the Central Government by notification in the Official Gazette. It has since been designated as naya Paisa. The second subsection declares that coins, whether old or new, shall be legal tender to the extent specified in section 13, and makes provision for equivalence between the old coinage and the new coinage, namely the decimal system of coinage. The rate which it lays down for such equivalence is that sixteen annas, or sixty-four pice, or one hundred ninety-two pies shall be the equivalent of one hundred new coins, i.e., one hundred naye Paise, as the new coins have since been designated, Obviously this equivalence will of ten result in fractions and not in whole numbers. Accordingly, sub-section (2) further p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it must mean the exact value by equivalence, even though such value may have to be expressed in a fraction. Learned counsel has emphasised the words "value expressed in new coins" in support of his submission that even for purposes of sub-section 3), fractions of new coins are to be ignored, and the value has to be expressed in terms of whole new coins after rounding off fractions, according to the manner provided in sub-section (2). I am unable to agree with this submission. The expression "value expressed in new coins " does not mean value expressed in new "whole" coins. When the value expressed as one anna in terms of the old coins is expressed as equivalent to 6.25 nP. it still is value expressed in terms of the new coins, even if the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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