1981 (11) TMI 158

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..... e in the shape of bullion and were taxable as such. In treating old ornaments as bullion the Tribunal obviously committed an error of law. In Deputy Commissioner of Sales Tax v. G.S. Pai and Co. [1980] 45 STC 58 (SC); 1980 UPTC 524 (SC) it has been held by the Honourable Supreme Court that bullion in popular sense cannot include ornaments. It connotes gold or silver in the form of raw gold or silv .....

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..... en tax is leviable on such purchases. In the purchase of old ornaments and their sale all the ingredients of this section are satisfied. Sale of old ornaments to dealer is not taxable under the Act. Purchasing dealer that is, the assessee admittedly did not sell them in the same form and condition. The purchases made by it therefore became taxable. The learned counsel for the assessee placed relia .....

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