TaxTMI 
TaxTMI 
2017 (8) TMI 457
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....er (India) Limited, and respondent no.1 before me, i.e., The Tamil Nadu Industrial Investments Corporation Limited ('TIIC' for brevity). 3. Said HP agreement is for purchase of Circular Weaving Machine Model LSHD N 4 and the name of the supplier is M/s.Lohia Starlinger Limited, Bangalore-80. To be precise, subject matter of said HP agreement is 16 nos. of such machines (hereinafter collectively referred to as 'said machineries' for the sake of brevity). 4. As would be evident from the prayer in the writ petition, which has been extracted supra in this order, the writ petitioner has come up with a prayer to mandamus TIIC (respondent no.1 before me) to return title documents deposited with them by the writ petitioner as coll....
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.... the OWNER sales tax and any other taxes, levies or dues, that may become payable under any rules or law in force at the time of transfer of ownership of the machinery and equipments from the OWNER to the HIRER." 9. Per contra, learned counsel for the writ petitioner would contend that the sales tax component has already been split into 60 Equated Monthly Instalments ('EMIs' for brevity). In support of his contention, learned counsel for the writ petitioner, Mr.Kuberan, draws my attention to the general conditions governing the loan, particularly Clause 16. In the light of the order that I propose to pass, I am not embarking upon the exercise of resolving the above controversy in this writ petition. 10. It is not in dispute that t....
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....h interest to TIIC is pivoted on two aspects of the matter. One aspect of the matter is whether this sum is also covered in the aforesaid 60 EMIs. The other aspect is whether the sales tax payable on said machineries is 4% or 8%. 16. This Court is informed by both the learned counsel that even on a thumb rule estimate, the value of the collateral security properties, i.e., aforesaid two sheds, is not less than Rs. 5 crores put together. 17. Therefore, the issue as to whether sales tax is 4% or 8% or as to whether the sale tax component is included in the 60 EMIs, boils down to arithmetics and mere reconciliation of accounts and numbers. 18. The first respondent / TIIC would submit that if this sum of sales tax paid by them is protected b....