DIVISION CONCEPTS
ONE BASIC
CHAPTER 1 INTRODUCTION & BASIC CONCEPT 3 CHAPTER 2 CONSTITUTIONAL AMENDMENT 82 CHAPTER 3 TRANSITIONAL PROVISIONS 89 CHAPTER 4 MEANING & SCOPE OF SUPPLY AND LEVY OF GST 172 CHAPTER 5 DEFINITION & PRINCIPLE OF CLASSIFICATION 346 CHAPTER 5A RESIDENTIAL OR COMMERCIAL APARTMENTS - NEW SCHEME 441 CHAPTER 6 NON-TAXABLE SUPPLIES 529 CHAPTER 7 PAYMENT UNDER REVERSE CHARGE 557 PAGE I-7 Contents
CHAPTER
11 JOB WORK, SCRAP & WASTE GENERATED AT JOB-WORKER 937 CHAPTER 12 ELECTRONIC COMMERCE OPERATOR & COLLECTION OF TAX AT SOURCE 958 CHAPTER 13 TAX DEDUCTED AT SOURCE 1012 DIVISION TWO EXEMPTIONS & OTHER LEVIES CHAPTER 14 EXEMPTIONS 1035 CHAPTER 15 UNION TERRITORY GOODS & SERVICES TAX 1554 CHAPTER 16 GST (COMPENSATION TO STATES) ACT 1559 CHAPTER 16A CESS 1561 CHAPTER 17 COMPOSITION LEVY 1565 PAGE CONTENTS I-8
8 TIME OF SUPPLY & CHANGE IN RATE OF TAX 650 CHAPTER 9 PLACE OF SUPPLY 681 CHAPTER 10 VALUE OF SUPPLY 853
CHAPTER
GOODS
DIVISION THREE & IMPORT OF AND
EXPORT
SERVICES CHAPTER 18 EXPORT OF GOODS, SERVICES AND EXPORT INCENTIVES 1609 CHAPTER 19 DEEMED EXPORTS INCLUDING EOU, STP 1681 CHAPTER 20 SPECIAL ECONOMIC ZONE 1699 CHAPTER 21 IMPORT OF GOODS & SERVICES 1729 CHAPTER 22 ADMINISTRATION & REGISTRATION 1751 DIVISION FOUR PROCEDURES CHAPTER 23 TAXABLE PERSON, TAX INVOICE, CREDIT & DEBIT NOTES & E-WAY BILL 1833* CHAPTER 24 PAYMENT OF TAX AND INTEREST - COMPUTATION OF TAX LIABILITY 1924* CHAPTER 25 RETURNS 1949* PAGE I-9 CONTENTS *See Volume 2.
CHAPTER
CHAPTER
CHAPTER
34 LIABILITY TO PAY IN CERTAIN CASES 2515*
AUDIT
CHAPTER
28 REFUND OF TAXES 2223*
OF ASSESSEE’S ACCOUNTS 2372*
CHAPTER
CHAPTER
30 PENALTIES, CONFISCATION & FINE 2409*
33 INSPECTION, SEARCH & SEIZURE 2502*
26 ASSESSMENT 2128*
35 GOODS AND SERVICES TAX PRACTITIONER SCHEME & PROVISIONAL ATTACHMENT 2524* CHAPTER 35A ANTI-PROFITEERING MEASURE 2538* CHAPTER 36 RESIDUAL MATTERS 2571* PAGE CONTENTS I-10 *See Volume 2.
CHAPTER
29
CHAPTER
27 DEMAND, RECOVERY AND ADJUDICATION 2166*
CHAPTER
31 ARREST, PROSECUTION AND COMPOUNDING 2460* CHAPTER 32 ADVANCE RULING 2484*
37
CHAPTER
INTRODUCTION TO INPUT TAX CREDIT 2593*
42
CHAPTER
SERVICE
38 INPUT
40
2706*
AND DOCUMENTS FOR AVAILMENT OF CREDIT 2734*
46 INPUT SERVICE DISTRIBUTOR 2816PAGE* I-11 CONTENTS *See Volume 2.
CHAPTER
CHAPTER
CHAPTER
44
CHAPTER
DIVISION FIVE INPUT TAX CREDIT
REMOVAL OF INPUT,
UTILIZATION OF INPUT TAX CREDIT
CONDITIONS, LIMIT
AND RECORDS FOR INPUT TAX CREDIT 2809*
GOODS
INPUT 2673*
TIME
SERVICES FOR EXEMPTED AND TAXABLE SUPPLIES 2787*
CHAPTER
CAPITAL 2689*
CHAPTER
41
CHAPTER
CAPITAL GOODS AND WASTE INCLUDING FOR JOB-WORK 2806*
COMMON INPUTS AND INPUT
39
43
45
CHAPTER 2599*
PROCEDURES
CHAPTER 50 APPEAL - GENERAL PROVISIONS 2863* CHAPTER 51 TIME LIMIT FOR FILING APPEAL AND CONDONATION OF DELAY 2929* CHAPTER 52 PRE-DEPOSIT OF DUTY FOR ENTERTAINING APPEAL 2947* CHAPTER 53 DEPARTMENTAL APPEAL & POWER OF REVISIONAL AUTHORITY 2958* CHAPTER 54 APPEAL TO APPELLATE AUTHORITY 2974* CHAPTER 55 APPEAL BEFORE GOODS & SERVICES TAX APPELLATE TRIBUNAL 2986* CHAPTER 56 ORDER OF APPELLATE TRIBUNAL 3006* CHAPTER 57 PROCEDURE BEFORE APPELLATE TRIBUNAL 3032PAGE* CONTENTS I-12 *See Volume 2.
APPEALS
DIVISION SIX
CHAPTER 47 MATCHING OF CREDIT AND BLACK LISTING OF DEALER 2836* CHAPTER 48 RECOVERY OF INPUT TAX CREDIT 2839* CHAPTER 49 MISCELLANEOUS PROVISIONS 2845*
CHAPTER 58
APPEAL BEFORE HIGH COURT 3077*
UNION TERRITORY GOODS AND SERVICES TAX ACT, 2017 3395†
CENTRALCIRCULARSACTS/RULES/NOTIFICATIONS/&CLARIFICATIONSGOODSANDSERVICESTAXACT,2017 3101†
INTEGRATED GOODS AND SERVICES TAX RULES, 2017 3623†
†
INTEGRATED GOODS AND SERVICES TAX ACT, 2017 3353†
GOODS AND SERVICES TAX (COMPENSATION TO STATES) ACT, 2017 3433†
GOODS AND SERVICES TAX (PERIOD OF LEVY AND COLLECTION OF CESS) RULES, 2022 3642A†
UNION TERRITORY GOODS AND SERVICES TAX (ANDAMAN AND NICOBAR ISLANDS) RULES, 2017 3643†
POWERS AND LIMITATIONS OF APPELLATE TRIBUNAL 3051
CHAPTER 59
UNION TERRITORY GOODS AND SERVICES TAX (DAMAN AND DIU) RULES, 2017 3655
PAGE†
*See Volume 2. See Volume 3.
APPEAL BEFORE SUPREME COURT 3091*
UNION TERRITORY GOODS AND SERVICES TAX (DADRA AND NAGAR HAVELI) RULES, 2017 3651†
CENTRAL GOODS AND SERVICES TAX RULES, 2017 3451†
DIVISION SEVEN
UNION TERRITORY GOODS AND SERVICES TAX (CHANDIGARH) RULES, 2017 3647†
I-13 CONTENTS
CHAPTER 60
*
GOODS AND SERVICES TAX COMPENSATION CESS RULES, 2017 3639†
OF NOTIFICATIONS xi†
LIST
UNION
OF CIRCULARS & CLARIFICATIONS xliii† †See Volume 3. CONTENTS I-14 PAGE
OF PRESCRIBED FORMS i†
TERRITORY GOODS AND SERVICES TAX (LAKSHADWEEP) RULES, 2017 3659† NOTIFICATIONS 3663† CIRCULARS & CLARIFICATIONS 3989†
LIST
LIST
The word supply has been defined u/s. 7 of the GST Act in an inclusive manner. The Section 1 of the GST Act provides that the supply will include all forms of supply of goods or services or both agreed to be made for a consideration by the person in a course or furtherance of business. The Section 7(1)(b) of the Act provides that the import of
172
4.2-1 Definition of supply
The Goods & Services Tax will subsume many taxes described in Chapter 1. Most important of them are excise duty, service tax and VAT. Excise duty is levied on manufacture of goods but payable at the time of removal from factory, service tax is levied on rendering of service and sales tax is levied when property in goods is transferred from one person to another.
4.1 Background
As per section 9 of CGST Act, GST will be levied on intra-State supply of goods or services at the specified rate. As per section 5 of IGST Act, IGST will be levied on inter-State supply of goods or services. Therefore, it is essential to understand the meaning of ‘supply’ as supply of goods or services will attract GST. The taxable event is now ‘supply’ and not other events explained above.
The provisions relating to levy of GST under all four Acts are also discussed in this chapter from para 4.15 onwards.
4.2 Statutory provisions
Supply has been defined in section 7 of GST Act. Schedule I specify the activity which are considered as supply even when they are rendered without consideration. Schedule II of Act specifies the matter which are to be considered as supply of goods or supply of services.
Meaning and scope of supply and levy of GST
4.2-5 Composite or mixed supply
Section 7(1)(d) of the GST Act has been deleted w.e.f. 01/07/2017 and Section 7(1A) has been incorporated in Section 7 from 01/07/2017. The Section 7(1A) provides that the activities of transaction listed in Schedule-II shall either be considered as goods or services as specified in the Schedule.
4.2-2 Supply without consideration
Sub-section (2) of section 7 of GST Act provides that the activities or transactions specified in Schedule III and notified by government , will not be considered as supply of goods or supply of services. Please refer to Chapter 6 for detailed discussion.
4.2-3 Activities either goods or services
service made in the course or furtherance of business or not for consideration shall be considered as ‘supply’.
As per section 8 of GST Act, the tax liability on a composite or a mixed supply shall be determined in the following manner:
173 CH. 4 : MEANING AND SCOPE OF SUPPLY AND LEVY OF GST Para 4.2
4.2-4 Activities which are neither supply of goods nor supply of services
The Schedule-I specifies certain activities which will be considered as ‘supply’ even if made without consideration. The sub-section (1A) provides that the transactions specified in Schedule-II is only for the purpose of classifying the activity or transaction into goods or services. The sub-section (2) provides the power to specify the activities of transaction under taken by Central Government, State Government or Local Authority when the function is public authority which shall not be considered as supply of goods or services. The Schedule-III specifies certain transactions which are not considered as supply of goods or Theservices.scope of various transactions are discussed in detail in subsequent sub-paras.
As per section 7(1)(c), the activities specified in Schedule I shall be considered as supply even when these are performed without consideration. Further the sub-section (3) provides power to Central or State Government on recommendation of council to specify by notification to consider any transaction as supply of goods or services or neither of them.
(c)a provision of advice or information;
Para 4.2 DIV. 1 : BASIC CONCEPTS 174
(Please refer to para 4.14)
(1)A supply is any form of supply whatsoever.
4.2-6 Definition of supply as given in statutory provisions of other countries
(3)It does not matter whether it is lawful to do, to refrain from doing or to tolerate the act or situation constituting the supply.
(a)a composite supply comprising two or more supplies, one of which is a principal supply, shall be treated as a supply of such principal supply; and
(a)a supply of goods;
(3A)For the avoidance of doubt, the delivery of:
(a)livestock for slaughtering or processing into food; or
(2)Without limiting sub-section (1), supply includes any of these:
(i)to do anything;
(iii)to tolerate an act or situation;
(g)an entry into, or release from, an obligation:
(e)a creation, grant, transfer, assignment or surrender of any right;
(ii)to refrain from an act;
(h)any combination of any 2 or more of the matters referred to in paragraphs (a) to (g).
(d)a grant, assignment or surrender of real property;
(f)a financial supply;
(b)a supply of services;
(b)game for processing into food;
There are many countries in the world where the goods and services tax is levied on supply of goods or services. Most of the countries defines the word ‘supply’ in very wide manner. Many countries have defined the words in an inclusive manner and not exhaustive manner. As an example, definition of supply given in sections 9-10 of Australian GST Act is reproduced below:
(b)a mixed supply comprising two or more supplies shall be treated as a supply of that particular supply which attracts the highest rate of tax.
(b)All forms of supply are included (See para 4.5)
(a)It is an inclusive definition and not exhaustive definition ( See para 4.4)
(f)Supply should be in course of or furtherance of business (See para 4.9)
Meaning and scope of ‘supply’ can be explained by understanding the meaning of various terms which have been used in the definition as reproduced in above para. The meaning of various terms are discussed in this Chapter in following paras :
under an arrangement under which the entity making the delivery only relinquishes title after food has been produced, is the supply of the livestock or game (regardless of when the entity relinquishes title). The supply does not take place on or after the subsequent relinquishment of title.
175 CH. 4 : MEANING AND SCOPE OF SUPPLY AND LEVY OF GST Para 4.3
(g)Importation of service is considered as supply (See para 4.10)
(4)However, a supply does not include a supply of money unless the money is provided as consideration for a supply that is a supply of Australianmoney.Government publishes GSTR Rulings giving clarification on various issues raised by trade and industry in Australia. It will be observed from definition of supply given in Australian GST Act that ‘supply’ has been defined in very wide manner. These rulings are very helpful in understanding the scope of various terms including ‘supply’.
4.3 Scope of supply
(c)As an example, sale, transfer, barter, exchange, license, rentals, lease or disposal made or agreed to be made are considered as supply (See para 4.6)
(i)Transaction considered as transaction in goods or services (See para 4.12)
(e)Supply should be made by person. For meaning of person (See para 4.8)
(j)Meaning of Goods & Services (See para 4.13)
(h)Scope of supply without consideration (See para 4.11)
(fa)Activities or transaction with members of Club or Association (See para 4.9-8)
(d)Supply specified in clause (a) of section 7(1) should be for consideration (See para 4.7)
Para 4.5 DIV. 1 :
“The word ‘includes’ is often used in interpretation clauses in order to enlarge the meaning of the words or phrases occurring in the body of the statute. When it is so used, these words and phrases must be construed as comprehending not only such things as they signify according to their nature and import, but also those things which the interpretation clause declares that they shall include”.
(b)Generally, for every supply there is a recipient i.e. person who acquires the supply. However, the statute may provide for tax on self-supply.
(a)Provision of advice or information
It has been defined in inclusive manner and not exhaustive. The word ‘includes’ used in the statutory provision enlarges the meaning of supply. It also indicates that the definition given in the statute is not exhaustive. The Hon. Supreme Court in the case of CIT v. Taj Mahal Hotel [1971] 82 ITR 44 observed as follows with :
(a)For every supply there should be a supplier. It is essential to determine the person who has made the supply as tax is levied on supply.
4.5 All forms of supply are taxable
BASIC CONCEPTS 176
The clause (a) of sub-section (1) provides that all forms of supply are covered in definition. The various proposition for characterizing the activity as supply and different aspects of supply are briefly discussed in this para. The various propositions are as follows:
4.4 Inclusive definition
(c)The supply may be exclusively of goods or services or mix of goods and services. Sub-section (3) of section 7 empowers the State
(k)Mixed or Composite supply (See para 4.14)
Clause (a) of section 7(1) specifies certain form of supply. These specific forms are only given as example. Any other form of supply will also be included in the definition. Sections 9-10(2) of Australian GST Act reproduced above inter alia provides following activity as supply:
(l)Levy of Tax (Refer para 4.15 to para 4.23)
(b)A grant, assignment or surrender of real property. These activities are not specifically specified in the definition of supply in section 7(1) as it is inclusive definition. The above form of supply will also be covered under the meaning of supply given in section 7.
Illustration : Where goods are packed and transported with insurance, the supply of goods, packing materials, transport and insurance is a composite supply and supply of goods is a principal
177 CH. 4 : MEANING AND SCOPE OF SUPPLY AND LEVY OF GST Para 4.5
3. Classification of taxable services:
(
d)The transaction may involve two or more supply. The word ‘composite supply’ has been defined in section 2( 30) as follows: (30) “composite supply” means a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or services or both, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply;
Government or Central Government to specify by notification that transaction shall be considered as supply of goods or supply of service or either supply of goods or supply of services.
Sometimessupply.
supply consists of two or more supply of goods or services or any combination thereof. These services are naturally bundled and supplied conjunction with each other in the ordinary course of trade. One of the supply is principal supply and other supply is provided to facilitate the enjoyment of principal supply. Such supply is called composite supply. For Example, the passengers travel in Rajdhani Express from Bombay to Delhi. The price paid for purchase of tickets consist of three services (1) Transportation of passenger. (2) Supply of food. (3) Supply of bed rolls. All the services are bundled together. Passenger has no option but to avail both the services. As per clause (a) of section 8 of the GST Act such supply of three service shall be treated as composite supply of which supply of transportation of passenger will be considered as principle supply.
3.1 Taxable services are defined separately under clause (105) of section 65 of the Finance Act, 1994. Services are supplied as a single composite service by bundling number of different services or disaggregating a single supply into different components. Tax liability may vary depending upon the treatment of the transaction either as a single composite service or multiple supply of service. For the purpose of levy of service tax, a single composite service is to be classified under any one of the specified taxable services.
The CBEC has vide DOF letter No. 334/1/2008-TRU dated 29-2-2008 has clarified about classification of incidental or ancillary service to this effect. The clarification is reproduced below:
3.3 Section 65A states the principles for classification of taxable services. Classification of a composite service is based on that component of the service which gives the essential character. There is a need to determine whether a given transaction is the one containing major and ancillary elements or the one containing multiple and separate major elements. In the case of a transaction containing a major and ancillary elements, classification is to be determined based on the essential features or the dominant element of the transaction. A supply which comprises a single supply from an economic point of view should not be artificially split. The method of charging or invoicing does not in itself determine whether the service provided is a single service or multiple services. Single price normally suggests a single supply though not decisive. The real nature and substance of the transaction and not merely the form of the transaction should be the guiding factor for deciding the classification.
(
e)To make supply the entity must do something. The ordinary and natural meaning of term supply as per “Revised updated oxford Dictionary” is ‘to furnish or provide’. It follows that an entity must take action to make supply. The person who make supply must carry out some activity. The activity may be passive or physical. For example, wholesalers store the goods and make supply of goods either of full consignment or sell part consignment. The
It is evident from the same that ancillary and incidental services which are provided for better enjoyment of principal service will be classified along with the principal service. For example, the person goes to stay in the hotel primarily for the purpose of accommodation provided by the Hotel, but he is provided with other facilities of TV, telephone, air conditioner, etc. to make his stay more convenient and enjoyable. Therefore, these services cannot be considered as independent service but it will always be considered as part of accommodation service. The entire service thus will be considered as accommodation service. Such supply can be considered as composite supply.
3.2 For the purpose of classification of a service covering number of separate services, a view has to be taken as to whether an individual service is merely a component of the overall supply or is itself a distinct and independent supply i.e., whether the component is merely ancillary to the principal supply or the component can be considered as separate taxable service in its own right. A service, which does not constitute for a customer an aim in itself but a means of better enjoying the principal supply, is considered as a supply ancillary to the principal supply.
Para 4.5 DIV. 1 : BASIC CONCEPTS 178
wholesaler carries the activity of storing and breaking up the consignment into various parts. Therefore, wholesaler makes supply. The tax will be payable by him. It was held by Court in New Zealand that person supplying must do something for the recipient and not against recipient. The Court in the case of section 65 reported in 1996 (17) NZTC 7408 has observed as follows:
a)Illegal activities (Refer para 4.5-1)
(d)Vesting of property with Government Authority (Refer para 4.5-4)
(e)Two-way supply in case of barter (Refer para 4.5-5)
(h)Payment by money cannot be considered as supply (Refer para 4.5-8
(f)Transaction i.e. occurrence should be analysed (Refer para 4.5-6)
“In that case a costs order was made against a solicitor who was truck off the roll by the New Zealand Law Practitioners Disciplinary Tribunal. The costs order required the solicitor to pay amounts to the New Zealand Law Society and the District Law Society for their costs and expenses relating to the disciplinary proceedings. Willy DJ held that these payments were not consideration for a supply of service by the Law Societies to the solicitor. He ruled that the ordinary meaning of the word supply limited the breadth of the phrase ‘supply of services’ which was only so wide as to include activities where the provider has done something for, not against, the recipient. To rule otherwise would lead to absurdity because it would allow the concept of a supply to encompass situations where a person sues for recovery of property, or steals something from someone else.”
The applicability of provision to some of the activities are discussed below:(
(l)Perquisites (Refer para 4.5-12)
179 CH. 4 : MEANING AND SCOPE OF SUPPLY AND LEVY OF GST Para 4.5
(j)Display of name or placing of name plates of donor (Refer para 4.5-10)
(b)Providing of goods or services by recipient (Refer para 4.5-2)
(g)Supply under tri party arrangement (Refer para 4.5-7)
(c)Services provided by Liquidator (Refer para 4.5-3)
(i)Goods sent for exhibition (Refer para 4.5-9)
(f)Supply cannot be made by more than one person. Whenever supply is made, the person making the supply must be identified and tax is recoverable from that person. There is normally one person for making supply.
(k)Reciprocal arrangement (Refer para 4.5-11 )
The recipient of a supply may provide or make a thing available for the supplier to use in making the supply. However, the provision of such a thing is not necessarily for a consideration. The corollary of this proposition is that providing or making the things available does not necessarily give rise to a supply. It will depend on the facts and circumstances of the transaction between the parties whether the supplier’s use of, for instance, facilities provided by the recipient in order to make the supply is simply part of the circumstances in which the supply is to be made, or does in fact involve a supply by the recipient to the supplier.
Para 4.5 DIV. 1 : BASIC CONCEPTS 180
4.5-2 Providing of goods or services by recipient
For example, a supplier may need to perform services on the recipient’s premises. The recipient may agree to allow the supplier to use its computer facilities and stationery in performing the services. Depending on the particular circumstances, allowing the use of these things could be a condition of the contract that goes to defining the supply which the supplier makes rather than being a supply of these things to the supplier by the recipient.
Illegal activities
4.5-1
The activity may be carried out legally or illegally i.e. without compliance with statutory provisions. Assuming the thief has stolen car and sells the car to person X. It is illegal to steal a car and thereafter sell it to another person. However, sale of car by thief to the person X will constitute supply liable to be taxed. But, however, if a particular activity is totally prohibited, such activity cannot constitute supply. The European Court in the case of Vereniging Happy Family Reustenburgerstrat v. Inspecteur der Omzetbelasting [1989] 4 BVC 216 has held that there was no liability of VAT on illegal distribution of prohibited drugs because their supply was subject to total prohibition in the member States.
In many cases, the borrowers/creditors of the company file petition before Hon. High Court for liquidation of the company and appointment of liquidator to sell the assets. The proceeds by selling the assets are utilized for making payment to borrowers/creditors. The liquidator provides different types of services like considering appointment of valuers, inviting tenders for sale, evaluate the tender and selling the asset to deserving person. The services provided by liquidator are also
4.5-3 Services provided by Liquidator
The Government for public interest for various purposes acquires land or other property by issuing notification in gazette. The effect of gazette notification is that the ownership of the land or other property described therein is vested in Government authority and not in the owner. The owner’s interest in the property is extinguished and it vests with the Government. It appears that in such case, the owner have not made any supply as Government has compulsorily acquired the property without any action on the part of the owner. Mere acceptance of amount by the owner as compensation of acquisition does not mean that the owner has made the supply. However, if the owner does something/ undertakes any action for transfer of land, the owner is said to have made the supply.
181 CH. 4 :
AND SCOPE OF SUPPLY AND LEVY OF GST Para 4.5
considered as supply and the income earned by the liquidator will be chargeable to tax.
4.5-4 Vesting of property with Government Authority
4.5-5 Two-way supply in case of barter
Assuming that person ‘A’ approaches professional, say, ‘X’ for certain advice with regard to dispute of his property. He agrees to give share of part of the property in case the dispute is resolved and he acquires the property. The consideration paid by Mr. A to Mr. X is not in monetary terms. Here Mr. X is providing professional advice and receiving property in consideration of providing professional service. Mr. A is receiving professional advice and paying the amount by way of part of property. In this case two-way supply is made; one by Mr. X of professional advice and second by Mr. A by providing right in the property. Thus in case of barter, always two-way supply is made. MEANING
In case of barter, the consideration is not in monetary form but it is in a non-monetary form. The consideration itself is separate supply. In these kinds of transaction, there are two-way supply. Therefore, each party to the transaction must pay GST on supply it makes. Each party will be entitled input tax credit provided the input has been used in the course or furtherance of business.
It may be statutory requirement to appoint liquidator for liquidating the assets of the company, but in this case, the liquidator performs various activities for receiving consideration. This activity is different than compulsory acquisition of property by government under different statute.
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