1983 (1) TMI 247

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.... in both the cases represents the sale value of silver coins which have been made to the order placed by the Sankara Mutt. The assessee has firstly contended before the Tribunal that the amount received by sale of the coins made out of silver was the amount received for work and labour and therefore the turnover cannot be taxed. But, the Tribunal found that the assessee has used his own silv....

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....ore the Tribunal was that the sale of coins should be taken as the sale of specie and therefore, the sales should be taxed at the lower rate of 2% and not at 4% as has been done by the assessing authority. The Tribunal has held that the assessee has made the coins out of the old silver and silver ornaments and therefore, the manufactured product, viz., silver coins, cannot be said to be a specie. ....