https://www.taxtmi.com/caselaws?id=165991 Sale-cum-lease back transactions are taxed according to their real substance, not their form; where the surrounding facts show that the ostensible purchaser is only a financier, the consideration is inflated, the goods remain with the assessee, and the documents are used to raise funds, the arrangement is a financing device rather than a genuine sale and is not exigible to sales tax. Labour charges under a works contract are not taxable through the concession provision unless tax is otherwise payable under section 5B; absent that underlying liability, the levy does not arise. The Tribunal's view was upheld and the Revenue failed on both issues. en-us Fri, 13 Aug 2010 00:00:00 +0530 Sun, 28 Sep 2014 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165991 Sale-cum-lease back transactions are taxed according to their real substance, not their form; where the surrounding facts show that the ostensible purchaser is only a financier, the consideration is inflated, the goods remain with the assessee, and the documents are used to raise funds, the arrangement is a financing device rather than a genuine sale and is not exigible to sales tax. Labour charges under a works contract are not taxable through the concession provision unless tax is otherwise payable under section 5B; absent that underlying liability, the levy does not arise. The Tribunal's view was upheld and the Revenue failed on both issues. Case-Laws VAT and Sales Tax Fri, 13 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165991