Dy. Commr. (Law), Board Of Revenue ... vs Mrf Ltd.

The Supreme Court upheld the decision of the Kerala High Court regarding the classification of compounded rubber as a finished rubber product under SRO No. 641/81, which reduced the tax rate from five percent to three percent for manufacturers. The Court emphasized the importance of trade understanding, affirming that compounded rubber is recognized as a finished product in the industry. Additionally, the Court supported the Tribunal's classification of various items sold as scrap, affirming that they were correctly treated as condemned articles and not subject to individual tariff assessments.