https://www.taxtmi.com/caselaws?id=150985 A transaction styled as a sale was treated as a secured loan where the petitioners advanced money, took sale and hire-purchase documents, and retained no real transfer of property by way of sale. Because the registration certificate was not transferred and the undisputed facts showed the arrangement was only a device to secure repayment, the transaction was not exigible to sales tax. On that basis, the assessment and penalty under the sales tax law had no legal foundation and were quashed, with the orders of the authorities below set aside. en-us Wed, 12 Mar 1975 00:00:00 +0530 Mon, 27 May 2013 11:21:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=150985 A transaction styled as a sale was treated as a secured loan where the petitioners advanced money, took sale and hire-purchase documents, and retained no real transfer of property by way of sale. Because the registration certificate was not transferred and the undisputed facts showed the arrangement was only a device to secure repayment, the transaction was not exigible to sales tax. On that basis, the assessment and penalty under the sales tax law had no legal foundation and were quashed, with the orders of the authorities below set aside. Case-Laws VAT and Sales Tax Wed, 12 Mar 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=150985