https://www.taxtmi.com/caselaws?id=157160 Under the Kerala General Sales Tax Act, 1963, a sale requires transfer of property in goods for cash, deferred payment, or other valuable consideration. The Kerala High Court applied the settled distinction between sale and exchange or barter, noting that the consideration must be monetary or equivalent to cash. On the facts, the absence of a stock register, the credit of interest in the purchase account, and the stipulation for interest indicated that the arrangement was not a genuine loan but a deferred-price transaction. The surrounding circumstances showed that the goods transaction was not a mere bailment or loan and was treated as taxable turnover. en-us Sun, 27 Sep 1992 00:00:00 +0530 Mon, 30 Sep 2013 18:21:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=157160 Under the Kerala General Sales Tax Act, 1963, a sale requires transfer of property in goods for cash, deferred payment, or other valuable consideration. The Kerala High Court applied the settled distinction between sale and exchange or barter, noting that the consideration must be monetary or equivalent to cash. On the facts, the absence of a stock register, the credit of interest in the purchase account, and the stipulation for interest indicated that the arrangement was not a genuine loan but a deferred-price transaction. The surrounding circumstances showed that the goods transaction was not a mere bailment or loan and was treated as taxable turnover. Case-Laws VAT and Sales Tax Sun, 27 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=157160