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2016 (7) TMI 283 - HC - VAT and Sales TaxSale of Wind Mill - slump sale - claim of exemption under TNVAT Act - it was stated that the petitioner has sold the Wind Mill during the year 2013-14 and not disclosed sale of Wind Mill in the Returns and paid the tax and the sale value of the Wind Mill was assessed and tax was proposed to be assessed at 5% on the said sale value. - Held that:- Assessing Officer has misdirected himself in not properly appreciating the scope of the documents produced by the petitioner. The petitioner's case is that the sale of Wind Mill is a 'slump sale' based on the Business Transfer Agreement dated 24.3.2014. Therefore, the Assessing Officer has to consider the entire agreement which contains various Schedules and in Schedule No.4 of the agreement, the list of immovable properties have been shown. Similarly, in Schedule-5, the list of Wind Mills have been shown. This Business Transfer Agreement read with Sale Deeds as well as other records would show that the entire establishment has been transferred as such. If that be the case, the petitioner's contention ought to have been accepted. Order quashed - Matter remanded back to AO - Decided in favor of assessee.
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