TMI Blog2016 (12) TMI 422X X X X Extracts X X X X X X X X Extracts X X X X ..... as defined in Section 2(33) of the TNVAT Act. Thus, the factual averments set out by the petitioner has to be examined by the respondent. For doing so, it is necessary that the joint venture agreement dated 10.09.2003, memorandum of agreement dated 15.03.2011 and other related documents should be gone into to interpret the intentions of the parties. Having failed to do so would render the findings recorded by the respondent in the impugned order as not tenable. In the counter affidavit, the grounds raised by the petitioner having not been met rather the counter affidavit is the re-presentation of the impugned assessment order. The matter is remanded to the respondent for fresh consideration, who shall take note of the observations made t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bjections dated 13.03.2013, wherein the petitioner pointed out that the aircraft was owned jointly by three persons for the purpose of their business in terms of the joint venture agreement executed between the parties on 10.09.2003. It was further stated that as per the memorandum of agreement dated 15.03.2011 between the parties for exit of the petitioner from the joint venture agreed to transfer, assign and relinquish of their share of 33.33% aggregating to 66 2/3% in the joint venture to M/s.Madras Cements Ltd., with equal shares. Thus the petitioner sought to contend that it was not a sale but a case of relinquishment or release of the share in the joint venture and therefore cannot be taxed. 3. Along with the objections, the petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the writ petition is allowed and the findings rendered by the respondent in paragraph 8 of the impugned order relating to Sale of Aircraft (Asset) is set aside and the matter is remanded to the respondent for fresh consideration, who shall take note of the observations made this order and re-do the assessment under the said head in accordance with law. From the observations made in the impugned order as well as the averments as set out in the counter affidavit, it appears that the entire proceedings is on account of the report submitted by the Enforcement Wing. While re-considering the matter in terms of the above direction, it is needless to state that the Assessing Officer being an independent statutory authority should not be solely guid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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