https://www.taxtmi.com/caselaws?id=100424 Declared goods taxed at the point of last purchase in the State do not become taxable merely because they remain in stock at the end of the assessment year. The Court read section 4 of the Madras General Sales Tax Act with the Second Schedule and held that a purchase acquires the character of the last purchase only when later events show the stock has been sold, consumed, destroyed, or otherwise dealt with. This construction also aligned with section 15 of the Central Sales Tax Act, 1956, by preventing multiple-stage taxation of declared goods across successive assessment years. The assessee was therefore entitled to the deduction claimed, and the Revenue's contrary contention failed. en-us Wed, 12 Apr 1967 00:00:00 +0530 Mon, 04 Aug 2014 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100424 Declared goods taxed at the point of last purchase in the State do not become taxable merely because they remain in stock at the end of the assessment year. The Court read section 4 of the Madras General Sales Tax Act with the Second Schedule and held that a purchase acquires the character of the last purchase only when later events show the stock has been sold, consumed, destroyed, or otherwise dealt with. This construction also aligned with section 15 of the Central Sales Tax Act, 1956, by preventing multiple-stage taxation of declared goods across successive assessment years. The assessee was therefore entitled to the deduction claimed, and the Revenue's contrary contention failed. Case-Laws VAT and Sales Tax Wed, 12 Apr 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100424