1995 (1) TMI 362 - HC - VAT and Sales Tax

Summary

The Bombay High Court addressed a reference under section 61(1) of the Bombay Sales Tax Act regarding the taxability of machinery sale after business closure. The court ruled in favor of the assessee, stating that the amended definition of "business" included transactions related to business closure, with retrospective effect from July 1, 1981. The court held that the amended definition should not be applied to transactions before that date.