https://www.taxtmi.com/caselaws?id=166475 Deep freezers supplied to distributors against a so-called security deposit were treated on their real substance as a sale on deferred payment basis, because the assessee recovered the full value in instalments rather than retaining ownership as in a bailment. On that footing, the goods were not shown to fall within the statutory negative list, so input tax credit could not be disallowed on that ground. The disallowance was therefore set aside, but credit remained subject to verification of actual receipts and the statutory limitation under the second proviso to section 11(3) where the sale price is below cost. en-us Mon, 20 Jun 2011 00:00:00 +0530 Sun, 28 Sep 2014 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=166475 Deep freezers supplied to distributors against a so-called security deposit were treated on their real substance as a sale on deferred payment basis, because the assessee recovered the full value in instalments rather than retaining ownership as in a bailment. On that footing, the goods were not shown to fall within the statutory negative list, so input tax credit could not be disallowed on that ground. The disallowance was therefore set aside, but credit remained subject to verification of actual receipts and the statutory limitation under the second proviso to section 11(3) where the sale price is below cost. Case-Laws VAT and Sales Tax Mon, 20 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=166475