9911796707
TMI Blog1998 (7) TMI 679X X X X Extracts X X X X X X X X Extracts X X X X ..... tled to exemption in view of the Notification (S.R.O. No. 319 of 1984) on the purchases of coir yarn, admittedly made during the assessment year 1983-84. 2.. The facts as gleaned from the materials placed on record, are that the assessee purchased coir yarn during the year 1983-84 and his books of account reflected closing stock of coir purchases at Rs. 5,28,500. By virtue of explanation to clau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned counsel for the assessee urged before us that when, by virtue of the fiction created by the explanation to section 2(xxvi), closing stock of 1983-84 was deemed to be a part of the assessee's total turnover for 1984-85, a further fiction should be raised that such turnover represented the purchases of coir yarn of the year 1984-85 and that being so, such purchases would be exempt under the No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s total turnover for the subsequent year. The fiction is limited only to the extent that the closing stock of the earlier year shall be deemed to be the part of the assessee's total turnover of the subsequent year. There is no presumption under the explanation to section 2(xxvi) that the closing stock of the earlier year, which is deemed to be a part of the assessee's total turnover of the subsequ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... him in the State or such purchase acquires the character of last purchase in the State in the hands of such dealer and in case such purchase acquires the character of last purchase in the State in the hands of such dealer, the turnover in respect of such purchase shall be liable to tax in the year in which the purchase acquires the character of last purchase. That only shows that the goods which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For these reasons, we hold that the assessee cannot claim exemption under the aforesaid notification in regard to the purchases, admittedly made during the year 1983-84, which were reflected in the closing stock of that year and which formed part of the assessee's total turnover by virtue of the explanation to section 2(xxvi). No other submission was made by counsel for the assessee before us. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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