https://www.taxtmi.com/caselaws?id=342389 A transfer of an entire business as a going concern for consideration in shares is not a taxable sale of goods under the Telangana VAT Act because the charging provision applies only to sales in the course of trade or business, and a business transfer as a whole does not fall within that description. Separate references to assets and goodwill in the transfer agreement do not convert the composite transaction into sales of individual goods. Rule 36 of the Telangana VAT Rules was treated as consistent with the Act and not ultra vires, and its denial on a ground not raised in the pre-assessment notice was held unsustainable. en-us Tue, 18 Apr 2017 00:00:00 +0530 Tue, 06 Nov 2018 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342389 A transfer of an entire business as a going concern for consideration in shares is not a taxable sale of goods under the Telangana VAT Act because the charging provision applies only to sales in the course of trade or business, and a business transfer as a whole does not fall within that description. Separate references to assets and goodwill in the transfer agreement do not convert the composite transaction into sales of individual goods. Rule 36 of the Telangana VAT Rules was treated as consistent with the Act and not ultra vires, and its denial on a ground not raised in the pre-assessment notice was held unsustainable. Case-Laws VAT and Sales Tax Tue, 18 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342389