https://www.taxtmi.com/caselaws?id=187284 A security deposit taken for returnable gas cylinders, where the terms made the cylinders returnable and provided forfeiture only on non-return, was held not to be sale consideration. The amount secured return of the containers and did not reflect an intention to transfer property for valuable consideration; the transaction was a bailment, and forfeiture operated as damages for non-return rather than price. As the statutory elements of sale, sale price and turnover under the Central Sales Tax Act were not satisfied, the tax levy on the forfeited deposit was unsustainable. en-us Fri, 18 Mar 2005 00:00:00 +0530 Mon, 17 Oct 2016 14:30:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187284 A security deposit taken for returnable gas cylinders, where the terms made the cylinders returnable and provided forfeiture only on non-return, was held not to be sale consideration. The amount secured return of the containers and did not reflect an intention to transfer property for valuable consideration; the transaction was a bailment, and forfeiture operated as damages for non-return rather than price. As the statutory elements of sale, sale price and turnover under the Central Sales Tax Act were not satisfied, the tax levy on the forfeited deposit was unsustainable. Case-Laws VAT and Sales Tax Fri, 18 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187284