https://www.taxtmi.com/caselaws?id=153697 For purchase tax on cotton under item 2 of the Second Schedule to the Tamil Nadu General Sales Tax Act, the taxable event is the purchase of kapas before conversion into ginned cotton. Where reliable purchase accounts exist, later loss in weight or wastage during ginning does not reduce the purchase turnover. In the absence of proper accounts, the assessing authority may estimate purchase value by reference to sales turnover as a substitute for actual consideration, but no notional deduction is permitted for invisible loss or wastage after purchase unless the statute expressly provides for it. The assessment restored by the Board of Revenue was upheld. en-us Wed, 01 Dec 1982 00:00:00 +0530 Sat, 27 Jul 2013 12:28:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=153697 For purchase tax on cotton under item 2 of the Second Schedule to the Tamil Nadu General Sales Tax Act, the taxable event is the purchase of kapas before conversion into ginned cotton. Where reliable purchase accounts exist, later loss in weight or wastage during ginning does not reduce the purchase turnover. In the absence of proper accounts, the assessing authority may estimate purchase value by reference to sales turnover as a substitute for actual consideration, but no notional deduction is permitted for invisible loss or wastage after purchase unless the statute expressly provides for it. The assessment restored by the Board of Revenue was upheld. Case-Laws VAT and Sales Tax Wed, 01 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=153697