https://www.taxtmi.com/caselaws?id=153392 The transfer of share capital to the Central Government under the General Insurance Business (Nationalisation) Act, 1972 did not make the company's assets the property of the Central Government. The company remained a distinct legal person, and its property could not be treated as Government property merely because the shareholding vested in the State; accordingly, exemption from sales tax under Article 285 was not available on that basis. The court also held that the writ challenge to the assessment notice was premature because the taxability of salvage transactions involved factual issues that had to be examined by the statutory authorities first. en-us Fri, 04 Sep 1981 00:00:00 +0530 Tue, 23 Jul 2013 12:10:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=153392 The transfer of share capital to the Central Government under the General Insurance Business (Nationalisation) Act, 1972 did not make the company's assets the property of the Central Government. The company remained a distinct legal person, and its property could not be treated as Government property merely because the shareholding vested in the State; accordingly, exemption from sales tax under Article 285 was not available on that basis. The court also held that the writ challenge to the assessment notice was premature because the taxability of salvage transactions involved factual issues that had to be examined by the statutory authorities first. Case-Laws VAT and Sales Tax Fri, 04 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=153392