https://www.taxtmi.com/caselaws?id=104002 The Supreme Court clarified that in hire-purchase agreements, the sale occurs when the hirer exercises the option to purchase after fulfilling the terms. The Court emphasized that the sale attracts sales tax only upon the hirer's exercise of the purchase option. The Full Bench's judgment on the date of sale issue was set aside, affirming the assessment order. The Court allowed the appellant to appeal the rate of depreciation determination and left the question of rebate exclusion from turnover open. The appeal was disposed of with these directions, and no costs were awarded. en-us Tue, 06 Feb 1996 00:00:00 +0530 Thu, 05 Sep 2013 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104002 The Supreme Court clarified that in hire-purchase agreements, the sale occurs when the hirer exercises the option to purchase after fulfilling the terms. The Court emphasized that the sale attracts sales tax only upon the hirer's exercise of the purchase option. The Full Bench's judgment on the date of sale issue was set aside, affirming the assessment order. The Court allowed the appellant to appeal the rate of depreciation determination and left the question of rebate exclusion from turnover open. The appeal was disposed of with these directions, and no costs were awarded. Case-Laws VAT and Sales Tax Tue, 06 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104002