High Court Rules Against VAT on 'Deemed Sale Price' for Non-Completed Transactions Under Delhi VAT Framework.

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....Levy of tax on ‘deemed sale price’ – DVAT - subject of tax not goods or goods sold, but transaction of “sale of goods” – Addition of Explanation 2 was to permit levy of VAT on sale price of transaction which is yet to take place and to that extent such levy cannot be sustained in law - HC....