https://www.taxtmi.com/caselaws?id=751188 The amended definition of business under the U.P. VAT Act extends to sales of goods acquired during the period of business even if the sale occurs after closure, but that extension does not reach capital goods. The decisive distinction was whether the assets sold were goods under Section 2(m) or capital goods under Section 2(f). The Tribunal's finding that the plant, machinery and allied assets were capital goods was not shown to be perverse, and revisional interference was therefore unwarranted. On that footing, the post-closure sale of the plant and machinery was outside the charging provision and not taxable under Section 2(e)(iv). en-us Fri, 05 Apr 2024 00:00:00 +0530 Wed, 10 Apr 2024 08:42:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751188 The amended definition of business under the U.P. VAT Act extends to sales of goods acquired during the period of business even if the sale occurs after closure, but that extension does not reach capital goods. The decisive distinction was whether the assets sold were goods under Section 2(m) or capital goods under Section 2(f). The Tribunal's finding that the plant, machinery and allied assets were capital goods was not shown to be perverse, and revisional interference was therefore unwarranted. On that footing, the post-closure sale of the plant and machinery was outside the charging provision and not taxable under Section 2(e)(iv). Case-Laws VAT and Sales Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751188