COMMR.COMMERCIAL TAX U.P. vs M/S OSWAL GREENTECH LIMITED

The Supreme Court ruled that under Section 4-B(2) of the U.P. Trade Tax Act, 1948, a dealer must sell goods manufactured from raw materials purchased at a concessional rate against Form III-B within the state or through permitted channels. The Court upheld the Tribunal's decision to annul the penalty imposed on M/s Oswal Greentech Limited for transferring finished goods outside the state, finding that the Tribunal had correctly interpreted the law based on precedent. Consequently, the appeal by the Revenue was dismissed, affirming the Tribunal's ruling.