https://www.taxtmi.com/caselaws?id=153182 Sale of an independent business unit as a going concern, with its assets, liabilities, goodwill, contracts and obligations, was treated as a transfer of a distinct line of business rather than a sale in the course of carrying on business. On that reasoning, the sale proceeds were outside taxable turnover and not exigible to sales tax. Alternatively, even if rule 6(d) of the Tamil Nadu General Sales Tax Rules, 1959 applied, the proceeds were deductible because the exemption did not require the assessee to cease all other business activity. The disputed turnover was therefore held eligible for exemption. en-us Thu, 15 Oct 1981 00:00:00 +0530 Thu, 18 Jul 2013 18:45:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=153182 Sale of an independent business unit as a going concern, with its assets, liabilities, goodwill, contracts and obligations, was treated as a transfer of a distinct line of business rather than a sale in the course of carrying on business. On that reasoning, the sale proceeds were outside taxable turnover and not exigible to sales tax. Alternatively, even if rule 6(d) of the Tamil Nadu General Sales Tax Rules, 1959 applied, the proceeds were deductible because the exemption did not require the assessee to cease all other business activity. The disputed turnover was therefore held eligible for exemption. Case-Laws VAT and Sales Tax Thu, 15 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=153182