https://www.taxtmi.com/caselaws?id=149951 Return of cotton borrowed under an actual user's licence was treated as a loan transaction, because the Textile Commissioner's permission required the cotton to be returned in kind and directed that neither transaction be treated as a sale. Payment made to clear the bank security was characterised as payment for release of the security, not consideration for sale. The transaction therefore did not amount to a sale and was not taxable as such. en-us Wed, 17 Mar 1971 00:00:00 +0530 Mon, 06 May 2013 16:43:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=149951 Return of cotton borrowed under an actual user's licence was treated as a loan transaction, because the Textile Commissioner's permission required the cotton to be returned in kind and directed that neither transaction be treated as a sale. Payment made to clear the bank security was characterised as payment for release of the security, not consideration for sale. The transaction therefore did not amount to a sale and was not taxable as such. Case-Laws VAT and Sales Tax Wed, 17 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=149951