1999 (1) TMI 507

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....o the consumer when it accepts refundable deposit by way of security? The Assessing Authority has held that the security is the sale consideration. The assessee has filed the present petitions to challenge the impugned orders. 2.. According to the provisions of the Punjab General Sales Tax Act, 1948 the taxable event is the "sale". According to section 2(h) (as it stood prior to amendment), sale means "any transfer of property in goods other than goods specified in Schedule 'C' for cash, deferred payment or other valuable consideration". Thus, the only issue that arises for consideration is-does the property in the goods-cylinders and regulators in the present case, pass to the consumer when the Corporation accepts a deposit? 3.. To a....

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....rporation that the deposit was less than the price that it paid in respect of each of the cylinders to the manufacturer. By way of illustration, it has been pointed out that during the year 1988-89, the Corporation had purchased cylinders at Rs. 510 each. However, the consumer was required to deposit only Rs. 450 by way of security. This rate of deposit continued and remained in force till the year 1993-94 by which time the cost price of the cylinder had risen from Rs. 510 to Rs. 750. Besides this, it has also been averred categorically that the cylinders are the assets of the Corporation for which it has been regularly providing for depreciation which was permissible and allowed under the Income-tax Act, 1961. Can we still say that the Cor....