https://www.taxtmi.com/caselaws?id=418601 Gold ornaments treated as part of a dealer's regular stock, without any separate deposit stock register or timely disclosure of a true custody arrangement, could be regarded as purchases for purchase tax purposes under Section 7A of the Tamil Nadu General Sales Tax Act. The court accepted the revenue's view that the alleged deposit theory was unsupported by the accounting treatment and surrounding materials, including use of the ornaments in manufacturing new jewels. On that basis, the levy of purchase tax was upheld and the challenge to the Tribunal's order failed. en-us Tue, 08 Feb 2022 00:00:00 +0530 Mon, 21 Feb 2022 08:18:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418601 Gold ornaments treated as part of a dealer's regular stock, without any separate deposit stock register or timely disclosure of a true custody arrangement, could be regarded as purchases for purchase tax purposes under Section 7A of the Tamil Nadu General Sales Tax Act. The court accepted the revenue's view that the alleged deposit theory was unsupported by the accounting treatment and surrounding materials, including use of the ornaments in manufacturing new jewels. On that basis, the levy of purchase tax was upheld and the challenge to the Tribunal's order failed. Case-Laws VAT and Sales Tax Tue, 08 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418601