https://www.taxtmi.com/caselaws?id=753882 Bombay HC held that slump sale under Business Transfer Agreement (BTA) does not constitute sale of goods under MVAT Act and is not taxable. The reviewing authority exceeded jurisdiction under Section 25 of MVAT Act by dissecting the BTA and treating intangible assets listed in Schedule 3.3 as taxable turnover. The court found the authority improperly copied findings from service tax demand notice and arbitrarily singled out intangible items for taxation, which was impermissible disintegration of the BTA. The impugned order was set aside as illegal. Petition allowed. en-us Tue, 11 Jun 2024 00:00:00 +0530 Thu, 13 Jun 2024 03:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753882 Bombay HC held that slump sale under Business Transfer Agreement (BTA) does not constitute sale of goods under MVAT Act and is not taxable. The reviewing authority exceeded jurisdiction under Section 25 of MVAT Act by dissecting the BTA and treating intangible assets listed in Schedule 3.3 as taxable turnover. The court found the authority improperly copied findings from service tax demand notice and arbitrarily singled out intangible items for taxation, which was impermissible disintegration of the BTA. The impugned order was set aside as illegal. Petition allowed. Case-Laws VAT / Sales Tax Tue, 11 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753882