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2017 (12) TMI 1078

Nature of transaction - service or goods - transfer of rights and privilege of export of sugar quota - whether the transaction being, transfer of rights and privilege of export of sugar quota by the respondent assessee on receipt of consideration, whether the same is a service or transaction in goods? - Held that: - the transaction in question regarding sale of rights and privilege of export of sugar quota is sale of goods and no service is involved - reliance placed in the case of Vikas Sales Corporation and Another Versus Commissioner of Commercial Taxes and Another [1996 (5) TMI 363 - SUPREME COURT OF INDIA], where it was held that DEPB has an intrinsic value that makes it a market commodity. Therefore, DEPB, like REP licence qualifi .....

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hat is relevant to note is that this definition is not only inclusive in nature, but takes in all kinds of movable property. It excludes from its ambit certain items, but for such exclusion may have fallen within the ambit of the said definition. It was further held that the licenses have a value of its own. It is by itself a property and it is for this reason that it is freely bought and sold in the market, for all purposes and intent, it is goods. Unrelated to the goods which can be imported on its basis, this commands a value and is treated as such. This is because it enables its holder to import goods which he cannot do otherwise. 4. The said ruling was again followed by a full Bench of Hon'ble Supreme Court in Yasha Overseas v/s Co .....

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ttery ticket that has won the prize. The prize-winning lottery ticket ceases to be a mere piece of paper having no value itself. It acquires inherent value and becomes itself a thing of value. Imagine a situation where prize-winning lottery tickets are freely available for sale. (As a matter of fact, clandestine sale of the prize-winning lottery ticket for conversion of black money into white is not completely unknown!) In buying the prize-winning lottery ticket the purchaser would pay the consideration for the value that the piece of paper has acquired and in that situation we fail to see how that ticket can be described as anything else but goods . If any more analogies are to be given one might compare DEPB with prepaid meal tickets or p .....

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