https://www.taxtmi.com/caselaws?id=159122 Exim scrips and REP licences were treated as goods, and their voluntary transfer to the bank for consideration amounted to a purchase rather than a mere surrender. The bank was held to be a dealer because its large-scale, continuous acquisition of such scrips constituted a separate business activity within the broad statutory meaning of business, even though it acted under RBI directions. Section 4(6)(iii) was read as a residuary purchase-tax provision not confined to purchases for resale, and it was not shown to be arbitrary or violative of Article 14. The levy of purchase tax on the bank's acquisitions was therefore upheld. en-us Wed, 11 Feb 1998 00:00:00 +0530 Sat, 16 Nov 2013 11:11:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=159122 Exim scrips and REP licences were treated as goods, and their voluntary transfer to the bank for consideration amounted to a purchase rather than a mere surrender. The bank was held to be a dealer because its large-scale, continuous acquisition of such scrips constituted a separate business activity within the broad statutory meaning of business, even though it acted under RBI directions. Section 4(6)(iii) was read as a residuary purchase-tax provision not confined to purchases for resale, and it was not shown to be arbitrary or violative of Article 14. The levy of purchase tax on the bank's acquisitions was therefore upheld. Case-Laws VAT and Sales Tax Wed, 11 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=159122