DESCRIPTION OF THE CASE:


· The Transactions happened in the year 2001-02


There were 3 Companies in existence. Company A, Company B and Company C. Company A and B were merged/amalgamated with Company C. All these companies were having businesses in trading and distribution (not involving in any software or allied business)

The scheme of amalgamation was Assets and Liabilities of A & B were taken over by C at their book values.

Over and above this Shareholders of A and B got certain shares in C in the specified proportion and value.

Company C created Goodwill Account equal to difference of New Value of shares in C less Old value of share capital in A and B put together.

There were no transactions in cash or by cheque towards Goodwill creation. Consideration was only by way of issuance of shares in C.

Opinion required on:

1. Does this Goodwill attract any Sales Tax in the year 2001-02. If yes at what rate?
2. Company C’s Sales Tax assessment completed and order was passed for the accounting year 2001-02.
3. Under Amnesty scheme 2004 Company C paid the differential amount (aspects other than the aforesaid Goodwill) on certain other discrepancies pertaining to year 2001-02.
4. Considering aspects/developments 2 and 3 above even if ST is payable on Goodwill, whether the same can be claimed by the department now.

Respected sir
my quetion is simple
what is treatment of VAT input Tax paid for purchase of capital assest
Whether can we adjust the out put tax of vat when we sale the above assest

what is treatment of out put tax clooected on sale asset

REGURDS
MUTTU

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