Wednesday, December 7, 2016

Currency Notes printed for RBI held as goods : Madhya Pradesh HC

Assessee was a company, engaged in the business of printing of currency notes for Government of India. The VAT department raised demand on assessee on the ground that currency notes were goods. The assessee filed writ before the High Court and argued that it was performing the sovereign functions of the Govt. of India and could not be said to be a dealer engaged in any business activities.The currency notes could not be termed as goods and the sale and supply of currency was out of the definition of goods.

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