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of <h1>Firm not penalized for timber transfer to retiring partner under Sales Tax Act</h1> The High Court of Madhya Pradesh held that a firm is not subject to penalty under the M.P. General Sales Tax Act for transferring timber to a retiring ... - The High Court of Madhya Pradesh ruled that a firm is not liable to penalty under the M.P. General Sales Tax Act for transferring timber to a retiring partner as part of asset distribution. The transfer does not constitute a sale or transfer under the Act. The court's answer to the question was in the negative, against the department. The parties will bear their own costs.
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