1956 (4) TMI 47

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.... the petitioner in this tax revision case. It is a private limited liability company which was carrying on business in auto-parts and accessories. During the assessment year 1952-53, with which this petition is concerned, the assessee returned its turnover as nil. The Deputy Commercial Tax Officer, however, estimated its turnover at Rs. 96,713-8-0 this being the amount for which the goods held by ....

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....ounts realised by the sale by a dealer of his business as a whole." The Deputy Commercial Tax Officer rejected both these grounds for exemption and assessed the turnover we have mentioned above to tax under the General Sales Tax Act. The assessee took the matter in appeal to the Commercial Tax Officer. The appellate authority con- firmed the assessment but in the order which it passed it did no....

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....nal affirmed the decision of the lower authorities, and held the exemption not applicable to the case of the assessee. It is from this order that the present revision case has been filed.   Mr. Srinivasa Ayyangar, learned counsel for the assesse petitioner, repeated before us the two grounds which had been taken before the Deputy Commercial Tax Officer. So far as the claim for exemption un....

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....al. The Deputy Commercial Tax Officer states the facts in relation to this matter thus: "Due to heavy liabilities the sales were stopped on 9th January, 1952, and the business was suspended. At the time they had a stock of goods valued for Rs. 96,713-8-0. This stock was handed over to Messrs. Associated Trades, a proprietary concern on 2nd April, 1952, in discharge of heavy liabilities due to them....