1967 (7) TMI 107

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....udgment of the Court was delivered by VEERASWAMI, J.-This case relates to the assessment year 1956-57. Two Items of turnover, a total of Rs. 41,761-3-3, were included in the chargeable turnover by the departmental authorities, but the Tribunal, on the assessee's appeal, took a different view and deleted both of them. The first item is Rs. 18,301-3-3. That represents the proceeds of sales effected ....

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....hich the Tribunal touched upon, to show that the sales were of that character. What is, however, argued for the Revenue in this Court is that the documents of title themselves were not produced and it was not shown that they were transferred in the course of import by making an endorsement thereon to that effect. There may be cases where it may be legitimately stated that the production of documen....

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.... other item of turnover, however, we must disagree with the Tribunal. In so far as it held that the banks in selling the goods pawned to them did not act as the agents of the assessee, it was right. As pledgees, the banks, acting under section 176 of the Contract Act, had a right to sell the goods. Their sale was but an exercise of the statutory power and not as agents. But the sales were neverthe....