1979 (3) TMI 189

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....e M.P. General Sales Tax Act, 1958, hereinafter referred to as the Act, the Board of Revenue has referred the following question of law to this Court for its opinion: "Whether the assessee-firm who had purchased timber at a concessional rate of tax on furnishing a declaration in form XII-A is liable to a penalty under section 8(2) of the M.P. General Sales Tax Act, 1958, by the transfer of such....

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....er was transferred by the assessee-firm to Jagannathsingh, the assessee-firm was liable to pay penalty as the timber assessed under a concessional rate in accordance with section 8(1) of the Act was utilised by the assessee for a purpose other than that specified in form XII-A submitted by the assessee. On appeal, the order imposing the penalty was upheld by the appellate authority. On second appe....

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.....); A.I.R. 1968 S.C. 676. that the distribution of the surplus of a dissolved partnership for the purpose of adjustment of the rights of the partners does not amount to transfer of assets. In Commissioner of Income-tax, U.P. v. Bankey Lal Vaidya[1971] 79 I.T.R. 594 (S.C.); A.I.R. 1971 S.C. 2270. , the Supreme Court observed that when the rights of the parties were adjusted by handing over to one o....