https://www.taxtmi.com/caselaws?id=240964 Transfer of the Thoraipakkam and Ranipet units as running undertakings was treated as a transfer of business undertakings, not a sale of goods in piecemeal form. The agreement showed that all essential assets, liabilities, employees, contracts, licences, plant, machinery and intangibles connected with the units were transferred as going concerns, and separate valuation of immovable and movable assets did not change the substance of the transaction. On that basis, Explanation 3 to Section 2(r) of the Tamil Nadu General Sales Tax Act, 1959 was held not to apply, so the sale consideration was not includible in turnover and the penalty could not survive. en-us Wed, 06 Nov 2013 00:00:00 +0530 Sat, 14 Dec 2013 09:45:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240964 Transfer of the Thoraipakkam and Ranipet units as running undertakings was treated as a transfer of business undertakings, not a sale of goods in piecemeal form. The agreement showed that all essential assets, liabilities, employees, contracts, licences, plant, machinery and intangibles connected with the units were transferred as going concerns, and separate valuation of immovable and movable assets did not change the substance of the transaction. On that basis, Explanation 3 to Section 2(r) of the Tamil Nadu General Sales Tax Act, 1959 was held not to apply, so the sale consideration was not includible in turnover and the penalty could not survive. Case-Laws VAT and Sales Tax Wed, 06 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240964