https://www.taxtmi.com/caselaws?id=162543 The Kerala High Court ruled that theft of an article after purchase does not exempt the assessee from paying tax on the commodity taxable at the point of last purchase in the State. The Court held that once goods are lost from the assessee's custody, they are no longer available for resale and acquire the quality of last purchase. The Court overturned the Tribunal's decision, reinstated the assessment on the turnover of the lost goods, and imposed tax on the respondent/assessee as rubber is taxable at the point of last purchase in the State. en-us Tue, 22 Aug 2006 00:00:00 +0530 Sat, 01 Mar 2014 15:04:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=162543 The Kerala High Court ruled that theft of an article after purchase does not exempt the assessee from paying tax on the commodity taxable at the point of last purchase in the State. The Court held that once goods are lost from the assessee's custody, they are no longer available for resale and acquire the quality of last purchase. The Court overturned the Tribunal's decision, reinstated the assessment on the turnover of the lost goods, and imposed tax on the respondent/assessee as rubber is taxable at the point of last purchase in the State. Case-Laws VAT and Sales Tax Tue, 22 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=162543