https://www.taxtmi.com/caselaws?id=99516 Export sales financed through a general letter of credit are not completed in the seller's province merely because banks negotiate shipping documents and facilitate payment. The issuing bank is not the buyer's agent, and the intermediary bank's negotiation of bills is treated as acceptance under the credit rather than payment on behalf of the buyer. On these facts, the drawer's liability on the bills of exchange continued, the price was not received in Madras, and property in the goods did not pass there. The sales were therefore not exigible to tax under the Madras General Sales Tax Act, 1939, and the export turnover could not validly be included in assessment. en-us Thu, 01 Feb 1962 00:00:00 +0530 Tue, 24 Sep 2013 13:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99516 Export sales financed through a general letter of credit are not completed in the seller's province merely because banks negotiate shipping documents and facilitate payment. The issuing bank is not the buyer's agent, and the intermediary bank's negotiation of bills is treated as acceptance under the credit rather than payment on behalf of the buyer. On these facts, the drawer's liability on the bills of exchange continued, the price was not received in Madras, and property in the goods did not pass there. The sales were therefore not exigible to tax under the Madras General Sales Tax Act, 1939, and the export turnover could not validly be included in assessment. Case-Laws VAT and Sales Tax Thu, 01 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99516