Section 2(29) in The Karnataka Value Added Tax Act, 2003
(29)"Sale" with all its grammatical variation and cognate expressions means every transfer of the property in goods (other than by way of a mortgage, hypothecation, charge or pledge) by one person to another in the course of trade or business for cash or for deferred payment or other valuable consideration and includes,-(a)a transfer otherwise than in pursuance of a contract of property in any goods for cash, deferred payment or other valuable consideration;(b)a transfer of property in goods (whether as goods or in some other form) involved in the execution of a works contract;(c)a delivery of goods on hire purchase or any system of payment by installments;(d)a transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration.Explanations. - (1) A transfer of property involved in the sale or distribution of goods by a society (including a co-operative society), club, firm, or any association to its members, for cash, or for deferred payment or other valuable consideration, whether or not in the course of business, shall be deemed to be a sale for the purposes of this Act.
