https://www.taxtmi.com/caselaws?id=155526 The High Court held that excise duty paid by the assessee constituted part of the turnover, as it was paid by the assessee and formed part of the circulating capital. The court rejected the argument that the excise duty did not reach the assessee's coffers. The estimate of gross profit at 35% was adjusted to only include the sale price and excise duty paid, resulting in a reduced turnover of Rs. 57,895. The court partly allowed the tax revision case, with each party bearing their own costs. en-us Mon, 16 Jul 1984 00:00:00 +0530 Thu, 05 Sep 2013 12:03:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155526 The High Court held that excise duty paid by the assessee constituted part of the turnover, as it was paid by the assessee and formed part of the circulating capital. The court rejected the argument that the excise duty did not reach the assessee's coffers. The estimate of gross profit at 35% was adjusted to only include the sale price and excise duty paid, resulting in a reduced turnover of Rs. 57,895. The court partly allowed the tax revision case, with each party bearing their own costs. Case-Laws VAT and Sales Tax Mon, 16 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155526