1984 (6) TMI 205

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..... urnover represents second sales of yarn and therefore the same is entitled to exemption. But the case of the Revenue is that this turnover represents the sales effected by the assessee in respect of cotton yarn entrusted to it by the mills as a selling agent. The assessee relied on certain pro forma invoices issued by the mills wherein certain prices were mentioned. On the basis of the said Profor .....

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..... nto between the mills and the assessee, the Tribunal held that the assessee is only a selling agent in spite of the fact that he has made some payment on the basis of the provisional invoices when he took delivery of the stocks of yarn, as he has agreed to sell the stocks only at the price fixed by the mills and on the mills' account which means the assessee's sale is the first sale and there was .....

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