https://www.taxtmi.com/caselaws?id=156722 Transfer of an import replenishment (REP) licence was treated as a transfer of movable property with commercial value, not as an actionable claim. The licence conferred a valuable, freely transferable right to import goods under the import control regime, and did not amount to a claim to a debt or a mere beneficial interest in movable property not in possession. On that reasoning, it fell within the wide definition of "goods" under section 2(m) of the Karnataka Sales Tax Act, 1957, and tax under section 5(1) was attracted even though the licence was not listed in a specific schedule. The circular taxing such transfers was therefore valid. en-us Sat, 10 Aug 1991 00:00:00 +0530 Tue, 24 Sep 2013 12:42:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=156722 Transfer of an import replenishment (REP) licence was treated as a transfer of movable property with commercial value, not as an actionable claim. The licence conferred a valuable, freely transferable right to import goods under the import control regime, and did not amount to a claim to a debt or a mere beneficial interest in movable property not in possession. On that reasoning, it fell within the wide definition of "goods" under section 2(m) of the Karnataka Sales Tax Act, 1957, and tax under section 5(1) was attracted even though the licence was not listed in a specific schedule. The circular taxing such transfers was therefore valid. Case-Laws VAT and Sales Tax Sat, 10 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=156722