https://www.taxtmi.com/caselaws?id=160240 Transfer of the movable assets of a blending plant to a joint venture company against allotment of equity shares was treated as a sale, not an exchange, because the assets were separately valued, the documents described the arrangement as a sale and transfer, and the shares were issued in discharge of the price. The transaction also did not qualify as a transfer of the entire business or a going concern, since the transferor continued its business and retained stock, stores and other assets. Sales tax liability therefore attached to the movable assets transferred, and the legal character of the transaction prevailed over its label. en-us Wed, 02 Jul 1997 00:00:00 +0530 Thu, 12 Dec 2013 16:40:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=160240 Transfer of the movable assets of a blending plant to a joint venture company against allotment of equity shares was treated as a sale, not an exchange, because the assets were separately valued, the documents described the arrangement as a sale and transfer, and the shares were issued in discharge of the price. The transaction also did not qualify as a transfer of the entire business or a going concern, since the transferor continued its business and retained stock, stores and other assets. Sales tax liability therefore attached to the movable assets transferred, and the legal character of the transaction prevailed over its label. Case-Laws VAT and Sales Tax Wed, 02 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=160240