https://www.taxtmi.com/caselaws?id=163481 For goods brought into a local area otherwise than by purchase, entry tax under the Karnataka Tax on Entry of Goods Act is to be computed on the prevailing market price in the local area at the time of entry, not on a later sale price. Section 3 is the charging provision, while the valuation provision for such goods requires market value in the local area and leaves no scope for using a subsequent sale price or notional markup from stock transfer value. In the absence of material showing that market price, the authorities may adopt a gross-profit based estimate to determine taxable value. The revision was dismissed and the assessment upheld. en-us Fri, 30 Jan 2004 00:00:00 +0530 Thu, 03 Apr 2014 12:47:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=163481 For goods brought into a local area otherwise than by purchase, entry tax under the Karnataka Tax on Entry of Goods Act is to be computed on the prevailing market price in the local area at the time of entry, not on a later sale price. Section 3 is the charging provision, while the valuation provision for such goods requires market value in the local area and leaves no scope for using a subsequent sale price or notional markup from stock transfer value. In the absence of material showing that market price, the authorities may adopt a gross-profit based estimate to determine taxable value. The revision was dismissed and the assessment upheld. Case-Laws VAT and Sales Tax Fri, 30 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=163481