https://www.taxtmi.com/caselaws?id=193351 A transferee of business stock could rely on legal fictions under the earlier Bombay sales tax regime to claim transitional tax relief under rule 40(2) of the 1959 Rules. Rule 16(2) and rule 11AA treated the transferee as having purchased the stock and carried forward the transferor's reliefs, and the Court explained that a legal fiction must be given its full effect with necessary incidents. Because the later statute preserved continuity for transactions under the earlier law, the transferee was deemed to have paid the relevant tax on stock held at the commencement of the new Act, making drawback, set-off or refund maintainable. en-us Mon, 02 Feb 1976 00:00:00 +0530 Tue, 25 Jul 2017 16:49:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193351 A transferee of business stock could rely on legal fictions under the earlier Bombay sales tax regime to claim transitional tax relief under rule 40(2) of the 1959 Rules. Rule 16(2) and rule 11AA treated the transferee as having purchased the stock and carried forward the transferor's reliefs, and the Court explained that a legal fiction must be given its full effect with necessary incidents. Because the later statute preserved continuity for transactions under the earlier law, the transferee was deemed to have paid the relevant tax on stock held at the commencement of the new Act, making drawback, set-off or refund maintainable. Case-Laws VAT and Sales Tax Mon, 02 Feb 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193351