https://www.taxtmi.com/caselaws?id=105856 Auction sale of pledged ornaments by banks is treated as part of banking business for purposes of the Kerala General Sales Tax Act, 1963. The Act's definition of "sale" is confined to transfers in the course of trade or business for consideration, but the Banking Regulation Act, 1949 and the prescribed financial statements recognise banks' realisation of security and disposal of non-banking assets as banking activity. The insertion of section 2(viii)(g) was intended to bring within tax net bank sales of pledged gold and similar valuables, even where the transaction might otherwise fall outside ordinary business sale, and enforcement of the pledge by sale is not excluded. en-us Wed, 21 Mar 2007 00:00:00 +0530 Wed, 18 Nov 2015 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105856 Auction sale of pledged ornaments by banks is treated as part of banking business for purposes of the Kerala General Sales Tax Act, 1963. The Act's definition of "sale" is confined to transfers in the course of trade or business for consideration, but the Banking Regulation Act, 1949 and the prescribed financial statements recognise banks' realisation of security and disposal of non-banking assets as banking activity. The insertion of section 2(viii)(g) was intended to bring within tax net bank sales of pledged gold and similar valuables, even where the transaction might otherwise fall outside ordinary business sale, and enforcement of the pledge by sale is not excluded. Case-Laws VAT and Sales Tax Wed, 21 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105856