https://www.taxtmi.com/caselaws?id=165040 Exchange mela transactions involving surrender of an old two-wheeler and purchase of a new vehicle were treated as purchase and sale of the old vehicle for tax purposes, because the old vehicle's value was adjusted against the new vehicle's price and the broker's role did not negate the underlying transfer. Non-disclosure of the related turnover justified penalty for suppression under the Kerala Value Added Tax Act. Further reduction of penalty was available only if the petitioner proved payment of tax and interest on the old vehicle transactions; failing that, the Tribunal's reduced penalty would stand. en-us Thu, 24 Sep 2009 00:00:00 +0530 Fri, 31 Oct 2014 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165040 Exchange mela transactions involving surrender of an old two-wheeler and purchase of a new vehicle were treated as purchase and sale of the old vehicle for tax purposes, because the old vehicle's value was adjusted against the new vehicle's price and the broker's role did not negate the underlying transfer. Non-disclosure of the related turnover justified penalty for suppression under the Kerala Value Added Tax Act. Further reduction of penalty was available only if the petitioner proved payment of tax and interest on the old vehicle transactions; failing that, the Tribunal's reduced penalty would stand. Case-Laws VAT and Sales Tax Thu, 24 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165040