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M. Kuppuswamy Naicker Vs. Commercial Tax Officer, First Circle, Bangal ...

Court : Karnataka

Reported in : [1963]14STC894(Kar)

..... this court held that where a dealer had collected from the customer an amount in anticipation of or against the contingency of his being made liable to pay sales tax in respect of a particular transaction, but that transaction was ultimately found not liable to tax it must be held that the dealer had collected a sum which he was not entitled to collect and the customer was not bound to pay and, therefore, the customer ..... as mentioned earlier sale transactions were not eligible to tax. ..... only a single point tax was livable on transactions relating to iron and steel and that at the last purchase point. ..... during the relevant period, 'sales' of iron and steel were not eligible to sales tax. .....

Bharat Sanchar Nigam Ltd. and anr. Vs. Union of India (Uoi) and ors.

Court : Supreme Court of India

Reported in : AIR2006SC1383; (2006)4CompLJ330(SC); (2006)201CTR(SC)346; [2006]282ITR273(SC); JT2006(3)SC114; 2006(2)SCALE752; (2006)3SCC1; [2006]145STC91(SC); 2006[2]STR161; [2006]152

..... to the principles enunciated in gannon dunkerley's case, namely, if there is an instrument of contract which may be composite in form in any case other than the exceptions in article 366(29a), unless the transaction in truth represents two distinct and separate contracts and is discernible as such, then the state would not have the power to separate the agreement to sell from the agreement to render service, and impose tax ..... the view that the only right of the purchaser of a lottery ticket is to take a chance of winning the prize and that there was no good reason to split the transaction of the sale of a lottery ticket into the acquisition of (i) the right to participate in the lottery draw and (ii) right to win the prize depending on chance.52. ..... are for the purposes of convenience referred to in this judgment as 'petitioners' irrespective of the capacity in which they are arraigned in the several matters before us) that there is no sale transaction involved and that the attempt of the several states to levy tax on the provision of mobile phone facilities by them to subscribers was constitutionally incompetent. ..... revenue would not be entitled to split up the contract, estimate approximately the charges for such materials and treat them as chargeable on the mere ground that the transaction involved transfer of goods, whose value must have been taken into consideration while fixing charges for the service.38. ..... court ruled that those transactions are not eligible to sales tax under .....

Reliance Industries Limited and Others Vs. State of U.P. and Others

Court : Allahabad

..... ) rules, 1976, may also be used upto the [31st december, 1979] with suitable modifications:] provided further that a single declaration may cover all transactions of sale, which take place in a quarter of a financial year between the same two dealers: provided also that where, in the case of any transaction of sale, the delivery of goods is spread over to different quarters in a financial year or of different financial years, it shall be necessary to ..... in certain circumstances tax avoidance should be brought within the tax net hon'ble supreme affirmed the westminster principle that "where a document or transaction is genuine, the court cannot go behind it to some supposed underlying substances" acceptance of argument of learned senior counsel representing the state ..... (supra) their lordships held that it was duty of the assessing authority to examine each individual transaction and then decide whether it constituted a inter-state sale eligible to tax under the provisions of the act. ..... (supra) is entirely different and seem to be not applicable because of the fact that in the case in hand, the entire sale transaction is in pursuance to covenant prepared in terms of 2008 regulation and contemplates movement of goods from gadimoga to state of u.p. ..... in view of explanation to section 3 of the act, the delivery of goods to a carrier or other bailee for transaction shall be inter-state trade and will be deemed to commence at the time of delivery and terminate at the time when delivery .....

M/S Rasna Private Limited Vs. The Commissioner of Commercial Taxes

Court : Karnataka

..... - (1) the commissioner may constitute an authority for clarification and advance rulings , consisting of atleast three additional commissioners, to clarify the rate of tax in respect of any goods or the exigibility to tax of any transaction or eligibility of deduction of input tax or liability of deduction of tax at source under the act, in respect of any case or class of cases as the commissioner may specify. ..... the aforesaid provision, the commissioner may constitute the authority for clarification and advance ruling consisting of atleast three additional commissioners for clarifying the rate of tax in respect of any goods or exigibility to tax of any transaction or eligibility of deduction of input tax or liability of deduction of tax at - 10 - source under the act. ..... (4) the order of the authority shall be binding, only on the applicant who seeks clarification and only in respect of the goods or transaction in relation to which a clarification is sought and also only in the proceedings before officers of the department (other than the commissioner) and the appellate tribunal, relating to such applicant. ..... (i) is already pending before any officer or authority of the department or appellate tribunal or any court; (ii) relates to a transaction or issue which is designed apparently for the avoidance of tax: provided further that no application shall be rejected under this sub-section unless an opportunity has been given to the applicant of being heard and where the .....

Vikram Detergents Ltd. Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (2000)(119)ELT56TriDel

..... "whether in the facts and circumstances the appellants transaction satisfied the requirement for returnability of the packing by the buyer to the assessee for entitlement of deduction of cost in terms of section 4(4)(d)(i) of the central excises act, or transaction does not satisfy the requirement for returnability of the packing, and not eligible for deduction".2. ..... an arrangement and there need not be a formal contract and an implied agreement is enough, therefore the clause on the sale invoice of the trader of the goods on subsequent sales to its own customers should be sufficient to grant the eligibility of deduction under section 4(4)(d) (i) when goods are being removed from the manufacturer (present appellants) to the depot of traders who had got the excisable goods manufactured from them. ..... and charges plus profit, but it is not necessary to include the trader's profit who gets the fabrics processed, because those would be post manufacturing profits".therefore, deductions only on account of traders profit would be only eligible. .....

Mark Auto Industries Ltd. Vs. C.C.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (2003)(89)ECC79

..... 9 bills of entry relating imports during the period of the proceeding the appellant contended that those goods were eligible to be assessed to duty at the transaction value covering the transaction and not at the transaction value of another importer.4. ..... valuation of consignments covered by the 9 bills of entry in question, the ground taken for rejecting the transaction value is that identical goods had been imported by another importer from the same supplier at higher price. ..... the order also was required to be set aside.with regard to the goods covered by 9 bills of entry from april to may 2000, the learned counsel argued that the declared values were the transaction values and they were required to be accepted in terms of rule 4 of the customs valuation rules 1988. ..... of the department is that another party has entered into another transaction for the same goods with the same supplier at a higher ..... had been imported at different prices by different importers would be no ground for rejecting some transaction values and for picking and choosing from among the transaction values to assess all the goods under import. ..... the appellant sought to defend their lower transaction value for the purpose of assessment of the goods stating that the appellant was importing much higher quantity than the new buyer and that the appellant has negotiated transaction price which is liable to be accepted for assessment of the goods imported by them in terms of section 14(1) of the customs act and rule-4 of .....

In Re: Ubs Securities Asia Ltd.

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Reported in : (2005)5CompLJ28SAT

..... the preamble to the cip it is explicitly mentioned that "knowing who our customers are includes knowing the people and the entities we deal with as well as knowing the ultimate beneficiary of the transactions we undertake the fundamental question to keep in mind through the process is simply this, are we certain that we know the true identity of those with whom we are doing business? ..... subsequently, pursuant to clarifications by sebi, ubs vide e-mail dated june 14, 2004, furnished the names of odis clients with indian underlying securities transacted by ubg ag (an affiliate of ubs) london branch and craftily to fend off sebi and parry the inconvenient details stated that "please note that all counterparties are major institutional investors ..... of ubs ag london branch and not the isda agreements and there was no request at that time to produce such agreements..........it may be noted that isda agreements are industry standard transactional documents prepared under the auspices of the international swaps and derivatives association and are not considered as client specific agreements." 8.11. ..... instruments enabled entities, which may not be eligible to get registered as fii to transact in indian capital market. ..... thus, ubs / its affiliate should have information concerning the parties to the odis transactions that is adequate to enforce the agreement with the ir clients and it is the fundamental dictate of commercial expediency which precludes ubs from quibbling with the 'terms of' and ' .....

income-tax Officer Vs. Poosarla Visweswara Rao and V.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)17ITD88(Hyd.)

..... studying the facts, he came to a finding that the initial burden of discharging the onus has been carried out by the assessee he pointed out that all the purchases and sales of the alleged fictitious transactions were duly vouched furnishing full descriptive particulars of the quantity in terms of lumps and kilos and were duly accounted in the day book. ..... it is not the case that the books of shri nookaiah chetty do not record these transactions.therefore, the purchases effected by the assessee would be shown as the sales made by shri nookaiah chetty and also the sales effected by the assessee shown as purchases ..... further pointed out that no sworn statement was recorded from shri nookaiah chetty regarding the impugned transactions.further, none of the partners of the assessee-firm were also examined by the ito. ..... ito had no other information other than the information given to him.under the circumstances, relying on the evidence of shri nookaiah chetty who had reaped full benefit out the alleged fictitious transactions, it would be very difficult to make out a case against the firm for concealment. ..... he also stated that the entries regarding the fictitious transactions were made by the clerks and the managing partner shri madhava ..... the ito was of opinion that making entries of fictitious transactions resulting in a loss was with the deliberate intention of concealing its particulars of ..... books do not show that the firm will be eligible for certain equivalent amounts from nookaiah chetty. .....

Reves Vs. Ernst and Young

Court : US Supreme Court

..... ." a majority of the courts of appeals that have considered the issue have adopted, in varying forms, "investment versus commercial" approaches that distinguish, on the basis of all of the circumstances surrounding the transactions, notes issued in an investment context (which are "securities") from notes issued in a commercial or consumer context (which are not) ..... . 80 of the 1933 act exempts " [a]ny note, draft, bill of exchange, or banker's acceptance which arises out of a current transaction or the proceeds of which have been or are to be used for current transaction, and which has a maturity at the time of issuance of not exceeding nine months, . . . " 15 u.s.c ..... . section 3(a)(10) lacks the cryptic phrase in 3(a)(3) which qualifies the class of instruments eligible for exemption as those arising "out of [] current transaction[s] or the proceeds of which have been or are to be used for current transactions, . . ..... . indeed, the senate report stated "[n]otes, drafts, bills of exchange, and bankers' acceptances which are commercial paper and arise out of current commercial, agricultural, or industrial transactions, and which are not intended to be marketed to the public, are exempted. . . ..... . accordingly, "[t]he task has fallen to the securities and exchange commission (sec), the body charged with administering the securities acts, and ultimately to the federal courts to decide which of the myriad financial transactions in our society come within the coverage of these statutes .....

20th Century Finance and Consultancy Services Limited Vs. Khanna Rayon ...

Court : Mumbai

Reported in : 1991(4)BomCR301

..... it was held that the transaction in question was a transaction of loan and not of sale and the same was therefore not eligible to sales tax. ..... and others, : [1966]2scr828 , and submitted that the true nature of the transaction must be determined on construction of the terms of the written agreement in light of ..... to above and the test laid down by the supreme court in the above case, i have no hesitation in holding that a strong prima facie case is made out to construe the transaction as a transaction of hiring or leasing truly and properly so called and it cannot be considered as a colourable transaction or a financing transaction or as a transaction of hire purchase or as a transaction of loan. ..... are as under :-(a) the nature of the suit transaction must be decided in light of the contract between the parties of the date of the transaction and their intention as disclosed under the contract. ..... of madras in the abovereferred case, which has been followed in several other indian cases also, i hold that there is no substance in this contention of the defendant and the suit transaction is not a transaction of hiring of a chattel or, movable, but is a transaction of lease of an immovable property.19. ..... law makes clear distinction between a transaction of leasing of movable and the transaction of hire purchase inasmuch as in case of hire purchase, the hirer has at least an option to purchase the equipment on the terms set out in the hire purchase agreement whereas in a leasing agreement, .....