Book entry not 'sale price' for tin deposits closing balance: High Court ruling

The High Court of Bombay held that a book entry of Rs. 82,324, representing 50% of the closing balance of tin deposits, does not constitute 'sale price'. The decision favored the assessee, following the precedent set in Britannia Biscuit Co. Ltd. v. State of Maharashtra [1983] 53 STC 179.

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The High Court of Bombay considered whether a book entry of Rs. 82,324, representing 50% of the closing balance of tin deposits, constitutes 'sale price'. The Court ruled in favor of the assessee, citing precedent from Britannia Biscuit Co. Ltd. v. State of Maharashtra [1983] 53 STC 179. The question was answered in the negative.

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