https://www.taxtmi.com/caselaws?id=158617 A banking company that sells securities or pledged goods solely to realise loan dues is not carrying on the business of buying or selling goods for sales tax purposes. The sales tax definition of dealer requires trading activity, while the banking statute expressly restricts banks from dealing in goods except for limited recovery-related exceptions. Those exceptions permit enforcement of security interests but do not convert realisation of security into trade or commerce. A notice seeking tax-related information on such disposals was therefore without jurisdiction, and the bank could not be proceeded against as a taxable dealer for the sale of securities used to recover loans. en-us Wed, 07 Feb 1996 00:00:00 +0530 Fri, 01 Nov 2013 17:03:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=158617 A banking company that sells securities or pledged goods solely to realise loan dues is not carrying on the business of buying or selling goods for sales tax purposes. The sales tax definition of dealer requires trading activity, while the banking statute expressly restricts banks from dealing in goods except for limited recovery-related exceptions. Those exceptions permit enforcement of security interests but do not convert realisation of security into trade or commerce. A notice seeking tax-related information on such disposals was therefore without jurisdiction, and the bank could not be proceeded against as a taxable dealer for the sale of securities used to recover loans. Case-Laws VAT and Sales Tax Wed, 07 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=158617