https://www.taxtmi.com/caselaws?id=330594 In a composite transfer of business as a whole, tax on goodwill or intellectual property cannot be assumed merely because separate values were assigned in the agreement or books; the assessment must examine the business transfer agreement and surrounding records before treating any component as separately taxable. The finding on this issue was set aside for fresh consideration. Reversal of input tax credit based on cross-verification discrepancies also required proper consideration of the taxpayer's request for time and cited authorities, and an effective opportunity of hearing before an adverse conclusion; that finding was likewise quashed and remanded. en-us Mon, 06 Jun 2016 00:00:00 +0530 Sat, 30 Jul 2016 18:44:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330594 In a composite transfer of business as a whole, tax on goodwill or intellectual property cannot be assumed merely because separate values were assigned in the agreement or books; the assessment must examine the business transfer agreement and surrounding records before treating any component as separately taxable. The finding on this issue was set aside for fresh consideration. Reversal of input tax credit based on cross-verification discrepancies also required proper consideration of the taxpayer's request for time and cited authorities, and an effective opportunity of hearing before an adverse conclusion; that finding was likewise quashed and remanded. Case-Laws VAT and Sales Tax Mon, 06 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330594