https://www.taxtmi.com/caselaws?id=155076 Rule 6(d) of the Tamil Nadu General Sales Tax Rules applies only to a transfer of the business as a going concern, not to the transfer of isolated fixed assets. Because the transfer covered only specified plant, machinery and other assets of a newly floated subsidiary, it did not qualify for deduction and the deduction was wrongly granted. Allotment of shares as consideration for the transfer of goods was treated as valuable consideration, since the reciprocal exchange operated like cash. The turnover was therefore taxable, and deletion by the Tribunal was unsustainable. en-us Mon, 05 Nov 1990 00:00:00 +0530 Sat, 31 Aug 2013 12:08:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155076 Rule 6(d) of the Tamil Nadu General Sales Tax Rules applies only to a transfer of the business as a going concern, not to the transfer of isolated fixed assets. Because the transfer covered only specified plant, machinery and other assets of a newly floated subsidiary, it did not qualify for deduction and the deduction was wrongly granted. Allotment of shares as consideration for the transfer of goods was treated as valuable consideration, since the reciprocal exchange operated like cash. The turnover was therefore taxable, and deletion by the Tribunal was unsustainable. Case-Laws VAT and Sales Tax Mon, 05 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155076