https://www.taxtmi.com/caselaws?id=150512 In hire-purchase sales, the assessable sale price must be fixed as on the date ownership actually passes, not merely by reference to the contractual period, and depreciation must be determined on relevant materials and a reasonable basis after giving the assessee an opportunity to produce evidence; the valuation was therefore unsustainable and had to be redone. The constitutional challenge to surcharge under the Kerala Surcharge on Taxes Act, 1957 was rejected because it was already covered by an earlier HC decision upholding the levy; that challenge failed. The assessment was set aside to the extent indicated and a fresh assessment was directed in accordance with law. en-us Mon, 20 Nov 1972 00:00:00 +0530 Fri, 17 May 2013 17:58:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=150512 In hire-purchase sales, the assessable sale price must be fixed as on the date ownership actually passes, not merely by reference to the contractual period, and depreciation must be determined on relevant materials and a reasonable basis after giving the assessee an opportunity to produce evidence; the valuation was therefore unsustainable and had to be redone. The constitutional challenge to surcharge under the Kerala Surcharge on Taxes Act, 1957 was rejected because it was already covered by an earlier HC decision upholding the levy; that challenge failed. The assessment was set aside to the extent indicated and a fresh assessment was directed in accordance with law. Case-Laws VAT and Sales Tax Mon, 20 Nov 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=150512