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of Trust constituted by Central Government challenged its status as deemed dealer under MVAT Act for sale of stressed assets. HC held Trust qualifies as deemed dealer under Section 2(8) Explanation clause (x) as body constituted by Central Government. Despite ownership of loans and stressed assets through Transfer Deed, Trust's status as financial institution under RDDB Act 1993 and SARFAESI Act 2002 does not exempt it from MVAT obligations when selling movable property. However, considering Article 285 and Trust's bona fide belief of tax immunity due to its constitutional status, HC granted prospective effect to DDQ Order under Section 56(2), relieving Trust from past tax liabilities while maintaining future compliance requirements for movable property sales.
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