https://www.taxtmi.com/caselaws?id=156721 Transfer of REP licences was treated as a transfer of goods under the Karnataka Sales Tax Act, 1957, because the licence conferred a present, perfected and immediately exercisable right to clear covered goods at the customs barrier. Applying the distinction between a choate right in praesenti and a contingent right in futuro, the Karnataka HC held that the licence was movable property and not an actionable claim. As actionable claims are excluded from the statutory definition of goods, the premium realised on transfer of REP licences was held liable to sales tax. en-us Thu, 16 Apr 1992 00:00:00 +0530 Tue, 24 Sep 2013 12:38:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=156721 Transfer of REP licences was treated as a transfer of goods under the Karnataka Sales Tax Act, 1957, because the licence conferred a present, perfected and immediately exercisable right to clear covered goods at the customs barrier. Applying the distinction between a choate right in praesenti and a contingent right in futuro, the Karnataka HC held that the licence was movable property and not an actionable claim. As actionable claims are excluded from the statutory definition of goods, the premium realised on transfer of REP licences was held liable to sales tax. Case-Laws VAT and Sales Tax Thu, 16 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=156721