- (1.) Heard Sri Kunwar Saxena, learned counsel for the revisionist and learned standing counsel for the opposite party. The question of law, which has been raised and pressed before this court in this revision is: Whether sale of 'unusable polyester yarn' by assessee-revisionist in this case was taxable as a waste product under item 32 of Notification No. ST-II-5785/X-10(1)-80-U.P. Act XV/48-Order-81 dated September 7, 1981, as amended by Notification No. ST-II-1225/XI-9(94)/91-U.P. Act 15-48-Order-92 dated March 31, 1992 or it is taxable under entry 55 of the notification dated September 7, 1981.
(2.) The two entries read as under: Amendment vide Notification No. ST-II-1225/XI-9(94)/91-U.P. Act 15-48-Order-92 dated March 32, 1992: (4) in entry at serial No. 32, in column 4 for the words and figure 'eight per cent' the words and figure 'four per cent' shall be substituted, and
(3.) The dispute relates to assessment year 1993-94. The assessing authority made assessment under section 21 of the U.P. Trade Tax Act and the Central Sales Tax Act in which the sale of polyester fibre yarn was treated as "waste product" and the assessee has been taxed at higher rate of four per cent + one per cent instead of two per cent treating it to be a "waste product" under entry 32 instead of entry 55.;