1972 (8) TMI 122

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.... 1,60,031.16. This said sum represents the value of cotton purchased by the assessee from Messrs. Volkart Brothers. According to the assessee, the said purchase of cotton was in the course of import. The contention was negatived by the assessing authority, but the Appellate Assistant Commissioner upheld the contention. The Board of Revenue, however, in exercise of its power under section 34 of the....

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....hey were authorised to import the cotton. In pursuance of the said licence, Messrs. Volkart Brothers actually imported the cotton and sold the same to the assessee. According to the assessee, the importer, Messrs. Volkart Brothers, cannot sell the cotton to anyone else, as the cotton had been imported on the actual user's licence issued to the assessee and that, therefore, the sale by the importer....

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....nue took the view that the decision in Khosla & Co. (P.) Ltd. v. Deputy Commissioner of Commercial Taxes, Madras' rested on these two distinguishing factors and that these distinguishing factors did not obtain in the present case. We are not in a position to accept the view that there is any distinction between the facts of the case in Khosla & Co. (P.) Ltd. v. Deputy Commissioner of Commercial Ta....