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2010 (11) TMI 888 - HC - VAT and Sales TaxWhether the document of exchange amounts only exchange of nature put forth by the learned counsel for the appellant or terms of exchange deed amount to something else which would attract the ingredients of transaction of sale? Held that:- Subsequent to amendment to article 366 by insertion of clause (29A), the authorities have to consider the material with reference to clause (29A) of article 366 of the Constitution because deemed sale is introduced by virtue of this provision. Therefore by looking to the terms of the exchange deed and also other material including the large payments made to the registered dealers by the appellant whether it amounts to a sale or deemed sale as contemplated under clause (29A) of article 366 of the Constitution or it remains only an exchange of built up area for undivided interest in the land handed over to the developer the authorities concerned will have to examine the same and also they have to see and examine whether the "works contract" as contended by the appellant was executed by registered dealers or whether the construction was taken up by the appellant himself and therefore element of sale is involved by virtue of deemed sale. Hence, the order of remand made by the revisional authority is affirmed. With these observations we dispose of the present appeal remanding the matter to the assessing authority.
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