https://www.taxtmi.com/caselaws?id=156761 The agreement's legal character turned on its true substance, assessed from the contract terms and surrounding circumstances rather than party labels. A distributor who had to pay the full value of goods lifted, bear interest on default, assume responsibility for sale proceeds, bad debts, custody and losses, and account for the goods as sold was treated as having bought the goods outright. The absence of a clause for return of unsold stock and the accounting for monthly statements were treated as consistent with sale, not agency. On that reading, the indicators of sale outweighed those of agency, and the arrangement was not a principal-agent relationship. en-us Wed, 13 Mar 1991 00:00:00 +0530 Tue, 24 Sep 2013 15:39:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=156761 The agreement's legal character turned on its true substance, assessed from the contract terms and surrounding circumstances rather than party labels. A distributor who had to pay the full value of goods lifted, bear interest on default, assume responsibility for sale proceeds, bad debts, custody and losses, and account for the goods as sold was treated as having bought the goods outright. The absence of a clause for return of unsold stock and the accounting for monthly statements were treated as consistent with sale, not agency. On that reading, the indicators of sale outweighed those of agency, and the arrangement was not a principal-agent relationship. Case-Laws VAT and Sales Tax Wed, 13 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=156761