https://www.taxtmi.com/caselaws?id=376278 For Section 8(f)(ii) of the Kerala Value Added Tax Act, the relevant comparison is the actual running stock held in the previous year, not sales turnover. The assessing authority may also consider gold kept with goldsmiths for manufacture of ornaments when making that stock comparison. The Tribunal's view that the provision turns on running stock rather than turnover was affirmed, but the factual enquiry had not been carried out on that basis, so the matter was remanded for fresh consideration in line with the correct interpretation. en-us Thu, 21 Feb 2019 00:00:00 +0530 Wed, 06 Mar 2019 07:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376278 For Section 8(f)(ii) of the Kerala Value Added Tax Act, the relevant comparison is the actual running stock held in the previous year, not sales turnover. The assessing authority may also consider gold kept with goldsmiths for manufacture of ornaments when making that stock comparison. The Tribunal's view that the provision turns on running stock rather than turnover was affirmed, but the factual enquiry had not been carried out on that basis, so the matter was remanded for fresh consideration in line with the correct interpretation. Case-Laws VAT and Sales Tax Thu, 21 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376278