https://www.taxtmi.com/caselaws?id=151618 Waste hypo water was not treated as bullion merely because silver could later be extracted from it. The Bombay High Court held that, in ordinary commercial understanding, bullion means the precious metal itself, and a substance sold for recovery of another material remains a sale of that substance. Because the contract showed the buyers took the hypo water by quantity and paid a rate per gallon, the bargain was for the liquid itself, not for the recoverable silver. The sale therefore fell outside entry 23 of Schedule B to the Bombay Sales Tax Act, 1953 and was taxable under the residuary entry, with the question answered in favour of the Revenue. en-us Tue, 15 Nov 1977 00:00:00 +0530 Fri, 07 Jun 2013 18:43:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151618 Waste hypo water was not treated as bullion merely because silver could later be extracted from it. The Bombay High Court held that, in ordinary commercial understanding, bullion means the precious metal itself, and a substance sold for recovery of another material remains a sale of that substance. Because the contract showed the buyers took the hypo water by quantity and paid a rate per gallon, the bargain was for the liquid itself, not for the recoverable silver. The sale therefore fell outside entry 23 of Schedule B to the Bombay Sales Tax Act, 1953 and was taxable under the residuary entry, with the question answered in favour of the Revenue. Case-Laws VAT and Sales Tax Tue, 15 Nov 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151618