1996 (5) TMI 363 - SUPREME COURT

Whether the transfer of an import licence called REP licence/Exim scrip by the holder thereof to another person constitutes a sale of goods within the meaning of and for the purposes of the sales tax enactments of Tamil Nadu, Karnataka and Kerala?

Held that:- Appeal dismissed. Firstly, it is not brought to our notice that any declaration has been made by the Central Government to the effect that these licences/scrips are securities. Secondly, any such declaration can only be for the period subsequent to the coming into force of the said Amendment Act, i.e., subsequent to January 30, 1992. All the cases before us pertain to the period earlier to the said date. In this view of the matter, it is not necessary to pursue this argument further.