Section 2(6B) in Karnataka Tax on Luxuries Act, 1979
(6B)"Stock of luxuries" means the quantity of luxuries being the own stock of the stockist or stocks entered in the records or accounts of the stockist or the quantity of luxuries the stockist receives or procures, during any year, for stocking, vending or distributing or supplying to a wholesaler, intermediary, retailer or any person, but shall not include any quantity of such luxuries held in stock on the day of the date of commencement of the Karnataka Taxation Laws (Amendment) Act, 1997; [or on the first day of April 2000, on which tax under the Karnataka Sales Tax Act, 1957 (Karnataka Act 25 of 1957) has been paid or has become payable;] [Inserted by Act 2 of 2001 w.e.f. 23.1.2201][Exception. [Inserted by Act 5 of 2001 w.e.f. 1.4.2001] - A handloom or power loom weaver (other than one whose establishment falls within the definition of a Factory under the Factories Act, 1948 (Central Act 63 of 1948)) who is in possession of stock of silk fabrics manufactured by him in Karnataka shall not be deemed to be a stockist for the purpose of this Act.]
