STATE OF KARNATAKA Vs. KRISHVI PROJECTS PRIVATE LIMITED

JUDGEMENT

(1.) We have heard learned Counsel for the parties.

(2.) We have also formulated one more question with the assistance of learned Counsel for the respondent-assessees, "whether the transaction/joint development agreement between the landowner and the developer is a barter by which, the landowner delivers the agreed upon share of the land to the builder and in consideration therefore, requires the builder to construct apartments in his (landowner's) share of land and deliver to him as a part of consideration, amount to sale within the definition in Section 2(29) of the Karnataka Value Added Tax Act, 2003 and if yes, who is liable to pay tax on the material/goods involved in execution of the works contract?"

(3.) Though these questions undoubtedly arise for consideration in these matters, were admittedly not raised/considered before/by the Tribunal. In view thereof, learned Counsel for the parties, have agreed for remand of these matters to the Karnataka Appellate Tribunal with direction to consider these questions. In the circumstances, we are satisfied that these revision petitions can be disposed of by the following order: