https://www.taxtmi.com/caselaws?id=188429 Leasing transactions were held not to qualify as sales in the course of import under Section 5(2) of the Central Sales Tax Act, 1956 because the import and the lease were treated as separate steps, with no inseverable and direct causal link between the foreign purchase, customs clearance, acceptance, novation, and lease arrangement. The exemption was therefore unavailable. The Court also upheld interest and penalty on undisclosed taxable turnover, accepting that interest on delayed tax liability under the KVAT Act was mandatory and that penalty could be imposed where turnover was suppressed or not disclosed, without requiring proof of mens rea. The assessee remained liable to tax, interest, and penalty. en-us Fri, 19 Feb 2016 00:00:00 +0530 Wed, 18 Jan 2017 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188429 Leasing transactions were held not to qualify as sales in the course of import under Section 5(2) of the Central Sales Tax Act, 1956 because the import and the lease were treated as separate steps, with no inseverable and direct causal link between the foreign purchase, customs clearance, acceptance, novation, and lease arrangement. The exemption was therefore unavailable. The Court also upheld interest and penalty on undisclosed taxable turnover, accepting that interest on delayed tax liability under the KVAT Act was mandatory and that penalty could be imposed where turnover was suppressed or not disclosed, without requiring proof of mens rea. The assessee remained liable to tax, interest, and penalty. Case-Laws VAT and Sales Tax Fri, 19 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188429