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Jayanta (Service)     15 December 2009

Tax query

Under Asset Basket scheme, employer earlier provided interest free amount for buying properties to be kept at employee's house to improve dignity of company image.After 5 years, employee is mandatorily bound to buy all these at 50% written down value.Now with dismantling the scheme, company wants to sell all these to respective employees in whose names, the assets are occupied at depreciated value + VAT. Since company is not in selling assets to employees but in a manufacturing business, can employer charge VAT. Understand for charging VAT, it requires to classify nature of transaction and right to deduct VAT / deposit the same / submit return.

Please enlighten urgently.



Learning

 2 Replies

snpathak (income tax advocate)     18 December 2009

required a case law "dhampur sugae mills ltd vs cit (1973)90 itr 236,240-1(all)

Vineet (Director)     18 December 2009

Repeated post on the same issue.

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