https://www.taxtmi.com/caselaws?id=144177 A transaction is taxable as a sale only if it involves goods, buyer and seller, agreement to sell and purchase, transfer of property, and price as consideration. Mere book entries or labels do not determine the real nature of the arrangement; where materials are supplied for beedi manufacture and the difference represents wages or remuneration, the arrangement is not a sale. Penalty in reassessment cannot be imposed without the statutory preconditions of wilful default or a qualifying incorrect return being established. On that basis, the tax and penalty orders were set aside, with liberty to re-examine the disputed transactions on the evidence. en-us Wed, 08 Mar 1967 00:00:00 +0530 Sat, 27 Jul 2013 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=144177 A transaction is taxable as a sale only if it involves goods, buyer and seller, agreement to sell and purchase, transfer of property, and price as consideration. Mere book entries or labels do not determine the real nature of the arrangement; where materials are supplied for beedi manufacture and the difference represents wages or remuneration, the arrangement is not a sale. Penalty in reassessment cannot be imposed without the statutory preconditions of wilful default or a qualifying incorrect return being established. On that basis, the tax and penalty orders were set aside, with liberty to re-examine the disputed transactions on the evidence. Case-Laws VAT and Sales Tax Wed, 08 Mar 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=144177