https://www.taxtmi.com/caselaws?id=127420 Silver bullion supplied to Kumbakonam manufacturers was treated as raw material delivered for conversion on wages, with adjustments made only by weight and no cash price or transfer of property for consideration; the arrangement was therefore a bailment, not a sale, and no sales tax was attracted. Handing over branch business assets and liabilities to a newly constituted partnership also did not amount to a sale, because the deed showed no transfer of proprietary interest in the assets and the arrangement was only an internal reconstitution without consideration. The governing principle stated is that a taxable sale exists only where property in goods passes for consideration. en-us Mon, 20 Sep 1954 00:00:00 +0530 Fri, 08 Mar 2013 16:44:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=127420 Silver bullion supplied to Kumbakonam manufacturers was treated as raw material delivered for conversion on wages, with adjustments made only by weight and no cash price or transfer of property for consideration; the arrangement was therefore a bailment, not a sale, and no sales tax was attracted. Handing over branch business assets and liabilities to a newly constituted partnership also did not amount to a sale, because the deed showed no transfer of proprietary interest in the assets and the arrangement was only an internal reconstitution without consideration. The governing principle stated is that a taxable sale exists only where property in goods passes for consideration. Case-Laws VAT and Sales Tax Mon, 20 Sep 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=127420