2006 (9) TMI 531

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....ed in the revision case is whether the Tribunal was justified in sustaining the assessment under section 5A of the Kerala General Sales Tax Act, 1963 on the value of old gold ornaments brought by the partners of the firm towards capital. We have heard counsel for the petitioner and the Special Government Pleader. On the facts it is clear that the old ornaments brought by the partners towards ca....

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....the KGST Act, reversed the order of the first appellate authority and sustained the assessment. The counsel for the petitioner relied on a single Bench decision of the court in C. M. Hamsa Haji v. Sales Tax Officer [1967] 20 STC 470 whereunder this court held that transfer of goods by a partner to the firm towards his capital does not amount to sale in the course of trade or business by a "dealer"....

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....deferred payment or other valuable consideration, but does not include a mortgage, hypothecation, charge or pledge; Explanation (3D).-Unless otherwise expressly provided in this Act, any transfer, delivery or supply of any goods referred to in this clause shall be deemed to be a sale of those goods by the person making the transfer, delivery, or supply and purchase of those goods by the person ....