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Applicability of VAT

This query is : Resolved 
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(Querist)
12 July 2011 The Assessee company is in business of manufacturing & selling lubricated Condoms. If the company sells its owned Car(Merc) for Rs. 35 Lacs which was acquired two years back for Rs. 95 lacs.

Is the asssessee liable to pay VAT/Sales tax on the transaction of selling the car???
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Ravikant

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Ravikant (Expert)
12 July 2011 No, VAT/Sales tax is not applicable on sale of its car
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