https://www.taxtmi.com/caselaws?id=397838 Receipt of gold jewellery from relatives and the proprietor under an arrangement allowing melting and business use against 5% yearly compensation was treated as a deposit or borrowal, not a sale. Because the depositor retained ownership, the assessee had only a right of use, the lenders could reclaim the same quantity of gold or jewellery, and the payment functioned as compensation rather than sale consideration, the essential elements of transfer of property and price were absent. On that basis, the transaction did not amount to a purchase attracting purchase tax under section 7-A of the Tamil Nadu General Sales Tax Act, 1959, and the levy was not sustainable. en-us Fri, 13 Mar 2020 00:00:00 +0530 Mon, 31 Aug 2020 13:33:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397838 Receipt of gold jewellery from relatives and the proprietor under an arrangement allowing melting and business use against 5% yearly compensation was treated as a deposit or borrowal, not a sale. Because the depositor retained ownership, the assessee had only a right of use, the lenders could reclaim the same quantity of gold or jewellery, and the payment functioned as compensation rather than sale consideration, the essential elements of transfer of property and price were absent. On that basis, the transaction did not amount to a purchase attracting purchase tax under section 7-A of the Tamil Nadu General Sales Tax Act, 1959, and the levy was not sustainable. Case-Laws VAT and Sales Tax Fri, 13 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397838