https://www.taxtmi.com/caselaws?id=103873 A refundable deposit arrangement for tins was treated according to its substance, not the assessee's accounting entries. Because customers had only a right to return the tins within a stipulated period and no enforceable obligation existed to return them, the arrangement was not a pure bailment. It operated as a composite transaction akin to sale on approval or sale or return, so property in the tins passed on non-return. The amount appropriated from the deposit account for unreturned tins therefore represented sale price and formed part of taxable turnover; the High Court's view was reversed in favour of the Revenue. en-us Wed, 23 Nov 1994 00:00:00 +0530 Mon, 21 Jul 2014 16:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103873 A refundable deposit arrangement for tins was treated according to its substance, not the assessee's accounting entries. Because customers had only a right to return the tins within a stipulated period and no enforceable obligation existed to return them, the arrangement was not a pure bailment. It operated as a composite transaction akin to sale on approval or sale or return, so property in the tins passed on non-return. The amount appropriated from the deposit account for unreturned tins therefore represented sale price and formed part of taxable turnover; the High Court's view was reversed in favour of the Revenue. Case-Laws VAT and Sales Tax Wed, 23 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103873