In contract for transfer of right to use goods, taxable event is execution of contract: Kerala HC

State of Kerala Vs Sathyam Audios (Kerala High Court) Kerala High Court held that under the Kerala Value Added Tax Act, 2003 (KVAT Act) in a contract for the transfer of the right to use the goods, the taxable event is the execution of the contract for delivery of the goods, and if that has taken place, it was immaterial whether the transfer was exclusively or to the exclusion of all others. Facts- The respondent is an assessee on the rolls of the Commercial Tax Officer, Ernakulam. The assessing officer, on scrutiny of the audited statement of accounts and assessment records, noticed that the ...