https://www.taxtmi.com/caselaws?id=128428 The term "bullion" in the Mysore Sales Tax Act was construed in its popular and commercial sense, not as only pure gold or silver. Gold sovereigns alloyed with a small percentage of copper, yet understood in trade as bullion gold, were held to fall within Entry 74 of the Second Schedule. On that basis, such goods attracted tax at the rate specified for bullion under section 5(3)(a) rather than the general rate under section 5(1). The interpretation affirms that everyday commercial words in a taxing statute are to be read according to trade usage unless the statute indicates a different meaning. en-us Fri, 17 Nov 1961 00:00:00 +0530 Fri, 05 Apr 2013 14:36:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=128428 The term "bullion" in the Mysore Sales Tax Act was construed in its popular and commercial sense, not as only pure gold or silver. Gold sovereigns alloyed with a small percentage of copper, yet understood in trade as bullion gold, were held to fall within Entry 74 of the Second Schedule. On that basis, such goods attracted tax at the rate specified for bullion under section 5(3)(a) rather than the general rate under section 5(1). The interpretation affirms that everyday commercial words in a taxing statute are to be read according to trade usage unless the statute indicates a different meaning. Case-Laws VAT and Sales Tax Fri, 17 Nov 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=128428