1999 (7) TMI 642

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..... 957. Petitioner is a manufacturer of cement and provides discount, based on turnover. In the monthly returns the turnover mentioned in the invoices undergoes small reduction on account of the discount being liable to be adjusted. Even in the annual return submitted by the petitioner, the net realization of the tax have been shown. The assessing authority came to the conclusion that the amount of R .....

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..... ed was interpreted by the apex Court in the case of R.S. Joshi, Sales Tax Officer v. Ajit Mills Limited [1977] 40 STC 497. What does collected mean here? Words cannot be construed effectively without reference to their context. The setting colours the sense of the word. The spirit of the provision lends force to the construction that collected means collected and kept as his by the trader. .....

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..... that every amount for which the bill is issued could not be considered to be collected. 3.. According to the submissions of the learned counsel for the petitioner even before filing of the monthly statement of returns the credit was given and it is only the net amount payable after deduction of the discount remained in the sales tax account. This is a question of fact which has not been consid .....

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