1975 (10) TMI 92

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....onsideration in the tax revision case is whether the assessee is entitled to deduct a sum of Rs. 32,904.12, which he received as the sale consideration for the stockin-trade, furniture, fixtures and goodwill of his business which he sold in terms of an agreement dated 30th April, 1968. The Sales Tax Appellate Tribunal, Trivandrum, by its order dated 24th April, 1974 (in Tribunal Appeal No. 470/71)....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e agreement dated 30th April, 1968. He, therefore, claims exemption from tax in respect of the sale proceeds which he realised under the said agreement. Rule 9(g) of the Kerala General Sales Tax Rules, 1963, says:   "In determining the taxable turnover, the amounts specified in the following clauses shall, subject to the conditions specified therein, be deducted from the total turnover of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ained by the seller is totally devoid of any basis. The mere fact that the seller had undertaken to settle liabilities which had accrued prior to the sale of the business would not by itself show that the seller had not transferred the business as a whole. So long as there is nothing to suggest that any part of the assets was retained by the seller or any amounts standing to the credit of the busi....