https://www.taxtmi.com/caselaws?id=185164 A transfer of an electricity undertaking under a statutory licence was treated as a sale for tax purposes because the arrangement showed offer, acceptance, bargaining and mutual assent. Although the purchase option was exercised within the Indian Electricity Act framework and no separately signed governmental contract existed, the licence application, draft licence and approved conditions together formed a binding agreement, and the Government's conduct in carrying out the terms amounted to ratification. The transaction therefore fell within section 10(2)(vii) of the Income-tax Act, 1922, and was taxable as a sale in favour of Revenue. en-us Fri, 24 Apr 1959 00:00:00 +0530 Tue, 02 Aug 2016 16:21:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185164 A transfer of an electricity undertaking under a statutory licence was treated as a sale for tax purposes because the arrangement showed offer, acceptance, bargaining and mutual assent. Although the purchase option was exercised within the Indian Electricity Act framework and no separately signed governmental contract existed, the licence application, draft licence and approved conditions together formed a binding agreement, and the Government's conduct in carrying out the terms amounted to ratification. The transaction therefore fell within section 10(2)(vii) of the Income-tax Act, 1922, and was taxable as a sale in favour of Revenue. Case-Laws Income Tax Fri, 24 Apr 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185164