https://www.taxtmi.com/caselaws?id=164661 A government-regulated crude oil allotment, loan and re-allotment mechanism under the Oil Co-ordination Committee scheme was treated as a loan or barter arrangement, not a taxable sale, because it lacked buyer-seller consensus, money consideration and the essential incidents of sale. The Court also noted that the movement and adjustment of crude oil formed part of import transactions before the customs barrier, attracting constitutional limits on State taxation. On remedy, the assessing authority could examine the turnover and the nature of the transaction, so prohibition was not appropriate; however, declaratory relief could be moulded under Article 226 where the transaction's true character required judicial determination. en-us Fri, 22 Jan 2010 00:00:00 +0530 Fri, 17 Oct 2014 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=164661 A government-regulated crude oil allotment, loan and re-allotment mechanism under the Oil Co-ordination Committee scheme was treated as a loan or barter arrangement, not a taxable sale, because it lacked buyer-seller consensus, money consideration and the essential incidents of sale. The Court also noted that the movement and adjustment of crude oil formed part of import transactions before the customs barrier, attracting constitutional limits on State taxation. On remedy, the assessing authority could examine the turnover and the nature of the transaction, so prohibition was not appropriate; however, declaratory relief could be moulded under Article 226 where the transaction's true character required judicial determination. Case-Laws VAT and Sales Tax Fri, 22 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=164661