https://www.taxtmi.com/caselaws?id=167893 REP licences and exim scrips issued under a discontinued trade policy, when surrendered only for cancellation, do not amount to goods sold in the course of trade or business. The premium paid on such surrender is compensatory in nature, reflecting the holder's inability to use the incentive, and not sale consideration for a transfer in the open market. As a result, the surrender transaction does not generate turnover taxable under the Andhra Pradesh General Sales Tax Act, 1957. en-us Wed, 21 Nov 2012 00:00:00 +0530 Mon, 05 Jan 2015 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=167893 REP licences and exim scrips issued under a discontinued trade policy, when surrendered only for cancellation, do not amount to goods sold in the course of trade or business. The premium paid on such surrender is compensatory in nature, reflecting the holder's inability to use the incentive, and not sale consideration for a transfer in the open market. As a result, the surrender transaction does not generate turnover taxable under the Andhra Pradesh General Sales Tax Act, 1957. Case-Laws VAT and Sales Tax Wed, 21 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=167893