https://www.taxtmi.com/caselaws?id=238711 Section 2(11) of the West Bengal Value Added Tax Act, 2003 was construed broadly to include banks and non-banking finance companies selling hypothecated vehicles for recovery of dues. The opening part of the definition was not limited to owners of the goods, so the petitioners were not excluded merely because the vehicles belonged to borrowers. Clause (b) was also held applicable because "other body corporate" was given its plain meaning and selling hypothecated vehicles for recovery of dues constituted sale for valuable consideration. Clause (d) was likewise wide enough to cover a non-banking finance company acting under a hypothecation agreement and irrevocable power of attorney as a mercantile agent. The challenge to tax liability therefore failed. en-us Tue, 08 Oct 2013 00:00:00 +0530 Wed, 22 Jun 2016 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238711 Section 2(11) of the West Bengal Value Added Tax Act, 2003 was construed broadly to include banks and non-banking finance companies selling hypothecated vehicles for recovery of dues. The opening part of the definition was not limited to owners of the goods, so the petitioners were not excluded merely because the vehicles belonged to borrowers. Clause (b) was also held applicable because "other body corporate" was given its plain meaning and selling hypothecated vehicles for recovery of dues constituted sale for valuable consideration. Clause (d) was likewise wide enough to cover a non-banking finance company acting under a hypothecation agreement and irrevocable power of attorney as a mercantile agent. The challenge to tax liability therefore failed. Case-Laws VAT and Sales Tax Tue, 08 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238711