Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (12) TMI 422 - MADRAS HIGH COURT

2016 (12) TMI 422 - MADRAS HIGH COURT - TMI - Levy of sale tax - Sale of Aircraft (Asset) - three joint owners of asset - 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 - whether it was sale transaction and is liable to be taxed or merely relinquishment/release of the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t 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 this order and re-do the assessment under the said head in accordan .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ny incorporated under the Companies Act, is an assessee on the file of the respondent under the provisions of the Tamil Nadu Value Added Tax Act, 2006 (TNVAT Act). In this writ petition, the petitioner has challenged the order of assessment under the provisions of the TNVAT Act for the year 2010-2011 only with regard to the findings rendered on the issue relating to Sale of Aircraft (Asset). The respondent issued a show cause notice to the petitioner dated 30.04.2013 stating that on verification .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tly 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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tition of the proposal in the show cause notice. Thus, the respondent before concluding it is a sale, should have examined the scope of the joint venture agreement between the petitioner and the other entities for testing the correctness of the submission of the petitioner that it is only a release of relinquishment of share in the joint venture and not a sale. 4. The petitioner's case is that the transaction will not fall within the scope of the expression 'sale' as defined in Secti .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version