2021 (12) TMI 379

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..... applying to the facts of the case. He suggests that the Tribunal could be called upon for re-examination of the issue by keeping in perspective the decision taken in circular dated 06.10.2016 and case could be remitted to the Tribunal. The matter requires reconsideration by the Tribunal by adjudicating the circumstances stated by the dealer and application of circular in the case on hand to the case of instant dealer - revision allowed by way of remand.
THE HONOURABLE MR.JUSTICE S.V.BHATTI AND THE HONOURABLE MR.JUSTICE BASANT BALAJI APPELLANT: SRI.JOSE JOSEPH AND SRI.AJAY BEN JOSE ORDER S.V. Bhatti, J. The petitioner is a dealer registered under the Kerala Value Added Tax Act, 2003 (for short, 'the KVAT Act') and the Revis .....

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..... where the market price is less than the booked price. In either of these situations, the net effect constitutes a margin in trading profit or loss that as the case maybe. The said profit or loss is caused on account of the cancellation of the contract entered into by the dealer. Therefore, according to the dealer, the margin trading profit cannot and could not be treated as satisfying the definition of 'sales' under Section 2(xliii) of the KVAT Act and the 'turnover' as defined under section 2(lii) of the Act. The inclusion of margin trading profit in the turnover of the dealer is beyond the ambit of KVAT Act. The contentions are not accepted by the Tribunal through the order under challenge in this Revision. 3. Mr. Jose .....

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..... case could be remitted to the Tribunal. For the view we are proposing to take, namely, as the matter requires reconsideration by the Tribunal by keeping in perspective the circular dated 06.10.2016, we are not independently examining the circumstances stated by the dealer and the applications of definition covered by Sections 2(xliii) and 2(lii). We accept the argument of Mr.V.K Shamsudheen. We are of the view that the matter requires reconsideration by the Tribunal by adjudicating the circumstances stated by the dealer and application of circular in the case on hand to the case of instant dealer. We are not examining the merits of the respective cases. The order dated 30.07.2015 of the Tribunal is set aside. Matter remitted to the Tribun .....

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