https://www.taxtmi.com/caselaws?id=127401 A financier who merely advanced the unpaid balance of the purchase price of motor cars and took the vehicles as security was not carrying on a sale or hire-purchase transaction under the Bengal Finance (Sales Tax) Act, 1941. The actual sale was made by the manufacturer to the purchasers, while the financier occupied the position of a mortgagee and the purchasers retained the equity of redemption. Because the statutory definition of "sale" excluded mortgage, hypothecation, charge and pledge, the financing arrangement could not be treated as a taxable sale, and the financier was not liable to sales tax as a dealer on that basis. en-us Mon, 28 Mar 1955 00:00:00 +0530 Fri, 08 Mar 2013 14:32:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=127401 A financier who merely advanced the unpaid balance of the purchase price of motor cars and took the vehicles as security was not carrying on a sale or hire-purchase transaction under the Bengal Finance (Sales Tax) Act, 1941. The actual sale was made by the manufacturer to the purchasers, while the financier occupied the position of a mortgagee and the purchasers retained the equity of redemption. Because the statutory definition of "sale" excluded mortgage, hypothecation, charge and pledge, the financing arrangement could not be treated as a taxable sale, and the financier was not liable to sales tax as a dealer on that basis. Case-Laws VAT and Sales Tax Mon, 28 Mar 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=127401