https://www.taxtmi.com/caselaws?id=161300 A one-time regulatory mopping-up of Exim scrips under RBI directions was not treated as business activity for purchase-tax purposes because the dealings were brief, non-recurring, and lacked the continuity, regularity and profit motive ordinarily associated with business. The receipt of the scrips was also characterised as a surrender rather than a purchase, since the scheme required immediate cancellation and return to the issuing authority, removing the scrips from commercial circulation. On that basis, the transaction did not attract section 4(6)(iii) of the Bengal Finance (Sales Tax) Act, 1941, and purchase tax could not be levied. en-us Mon, 16 Dec 2002 00:00:00 +0530 Mon, 13 Jan 2014 18:29:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=161300 A one-time regulatory mopping-up of Exim scrips under RBI directions was not treated as business activity for purchase-tax purposes because the dealings were brief, non-recurring, and lacked the continuity, regularity and profit motive ordinarily associated with business. The receipt of the scrips was also characterised as a surrender rather than a purchase, since the scheme required immediate cancellation and return to the issuing authority, removing the scrips from commercial circulation. On that basis, the transaction did not attract section 4(6)(iii) of the Bengal Finance (Sales Tax) Act, 1941, and purchase tax could not be levied. Case-Laws VAT and Sales Tax Mon, 16 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=161300