https://www.taxtmi.com/caselaws?id=151427 Sale consideration realised on transfer of a business as a whole was deductible under the applicable turnover rule where the agreement did not show that any assets were retained by the seller. Mere assumption of pre-existing liabilities by the seller did not, by itself, defeat the character of a transfer of the business as a whole. In the absence of material showing that any part of the assets remained with the seller or that business credits were taken over by him, the contrary finding could not stand. The assessee was therefore entitled to the deduction, and inclusion of the sale consideration in taxable turnover was set aside. en-us Mon, 27 Oct 1975 00:00:00 +0530 Wed, 05 Jun 2013 17:15:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151427 Sale consideration realised on transfer of a business as a whole was deductible under the applicable turnover rule where the agreement did not show that any assets were retained by the seller. Mere assumption of pre-existing liabilities by the seller did not, by itself, defeat the character of a transfer of the business as a whole. In the absence of material showing that any part of the assets remained with the seller or that business credits were taken over by him, the contrary finding could not stand. The assessee was therefore entitled to the deduction, and inclusion of the sale consideration in taxable turnover was set aside. Case-Laws VAT and Sales Tax Mon, 27 Oct 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151427