https://www.taxtmi.com/caselaws?id=157514 Transferable REP licences and exim scrips were treated as goods because they embodied valuable, marketable rights in a document with corporeal existence; their transfer, sale or assignment for consideration was therefore exigible to sales tax. The levy was not displaced by the import policy under which the licences were issued, since the taxable event was the sale of the document for value, not the import transaction itself. Penalty under the State sales tax law depended on the statutory scheme and the assessee's bona fides, and was confined to assessment years from 1992-93 onwards, subject to the facts of each case. en-us Mon, 04 Apr 1994 00:00:00 +0530 Mon, 07 Oct 2013 14:53:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=157514 Transferable REP licences and exim scrips were treated as goods because they embodied valuable, marketable rights in a document with corporeal existence; their transfer, sale or assignment for consideration was therefore exigible to sales tax. The levy was not displaced by the import policy under which the licences were issued, since the taxable event was the sale of the document for value, not the import transaction itself. Penalty under the State sales tax law depended on the statutory scheme and the assessee's bona fides, and was confined to assessment years from 1992-93 onwards, subject to the facts of each case. Case-Laws VAT and Sales Tax Mon, 04 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=157514