1995 (12) TMI 348

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he disputed turnover of the said two years relates to transactions whereunder the petitioner supplied asbestos cement sheets to various persons at the instance of certain nationalised banks. The petitioner contends that the said turnover has to be taxed at the concessional rate of tax by virtue of the provisions of G.O. Ms. No. 172 (Revenue) dated February 13, 1986. The department contends that the said transactions cannot have the benefit of the concessional rate of tax because they are hit by the proviso in the said G.O., which is as follows: "Provided that the above concessional rate of tax shall be applicable only to such public sector undertakings/Government companies/co-operative societies in respect of goods that are manufactured ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rd parties to enable them to purchase cement sheets for erecting poultry sheds, etc., and that in order to ensure that the loan amounts thus sanctioned are properly utilised for the purposes for which they were meant, the banks placed orders on the appellant for purchasing the cement sheets and however, directed the appellant to deliver such cement sheets directly to the customers. As per such directions, the appellant delivered the cement sheets directly to the customers and claimed the value of the same from the banks who Here italicised. paid such amounts to the appellant. The banks never received the cement sheets and never took delivery of the same, and as such, there was no occasion for such banks 'to make use' of such cement sheets f....