TaxTMI 
TaxTMI 
2014 (7) TMI 154
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....dv. for Sri. T.N. Keshavamurthy ORDER Dilip B. Bhosale, J. - Heard learned counsel for the parties. These revision petitions are placed before us for admission. By consent, they are heard for final disposal at this stage. Learned Senior Counsel appearing for the respondent at the outset invites our attention to the recent judgment of the Supreme Court in Larsen & Toubro Ltd. v. State of Karn....
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....n law the Tribunal is justified in giving a finding that deducting the value of land from the total receipt of the builder is impermissible, but only value of the transfer of property in goods has to be considered for the purpose of assessment by adding G.P., as the same is against provisions of law?" In short, the question that falls for our consideration is whether the land value should form pa....
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....lue of goods but that does not detract the State to tax the sale of goods element involved in the execution of works contract in a composite contract like contract for construction of building and sale of a flat therein." The Supreme Court further in paragraph 101 of the report summarized the legal position. For our purpose, sub-para (xi) of paragraph 101 is relevant, which reads thus: &nb....
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....ions. We do find ourselves in agreement with learned senior Counsel for the respondent that the question raised in these revision petitions is squarely covered by the judgment of the Supreme Court in Larsen & Toubro Ltd. (supra). Learned counsel for the petitioner does not dispute this legal position. Hence we answer the substantial question of law in favour of assessee and against the Revenue. B....