1985 (1) TMI 269

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....nd D.N. Misra, Advocates, for the respondent.   V.J. Francis, Advocate, for the appllant.   --------------------------------------------------   The judgment of the Court was delivered by   BHAGWATI, J.-The sole question which arises for determination in this appeal is as to what is the rate at which the goods which had been purchased earlier and which were in stock....

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.... item 71 of the First Schedule to the Kerala General Sales Tax Act. Equally it is clear that the assessee could not be made liable to tax on the purchases made by it prior to 30th June, 1974 unless the purchases acquired the quality of being last purchases in the State. It was pointed out by this Court in State of Madras v. Shri T. Narayanaswami Naidu [1968] 21 STC 1 (SC); [1967] 3 SCR 622 when....

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....e to tax. But the question remains as to what is the rate at which the assessee was liable to be taxed in respect of these purchases. Since the purchases took place before 30th June, 1974 the assessee would, in our opinion, liable to be taxed at the rate prevailing at the time when the purchases were made and since the rate at that time was 3% of the sale price, the High Court was right in taki....