https://www.taxtmi.com/caselaws?id=161018 Assessment of a material-loan arrangement for aluminium rods turned on whether forfeiture of the security deposit in 1989-90 created a deemed sale. The assessing authority treated the non-returned goods as sold in that year and added their market value to taxable turnover, relying on the adjusted loan and the failure to recover the materials. The assessee contended that the arrangement involved no sale element, that the department had already accepted the transaction as a loan in earlier assessment years, and that the genuineness of the loan was not in dispute. en-us Wed, 19 Sep 2001 00:00:00 +0530 Sat, 28 Dec 2013 13:47:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=161018 Assessment of a material-loan arrangement for aluminium rods turned on whether forfeiture of the security deposit in 1989-90 created a deemed sale. The assessing authority treated the non-returned goods as sold in that year and added their market value to taxable turnover, relying on the adjusted loan and the failure to recover the materials. The assessee contended that the arrangement involved no sale element, that the department had already accepted the transaction as a loan in earlier assessment years, and that the genuineness of the loan was not in dispute. Case-Laws VAT and Sales Tax Wed, 19 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=161018