<h1>Supreme Court to Reconsider Tripartite Agreements as Works Contracts for VAT and Service Tax Implications in Construction.</h1> The issue of whether a tripartite agreement between a landowner, developer, and buyer constitutes a works contract is significant for VAT and service tax matters. The Supreme Court, in the Raheja Development case, ruled that such agreements are works contracts if entered before construction completion. This decision led to service tax demands on developers. In a related case involving a major corporation, the Supreme Court noted the potential overlap between works contracts and sales contracts, questioning the Department's stance that tripartite agreements are works contracts. This matter has been referred to a larger bench for reconsideration of the Raheja Development case.