https://www.taxtmi.com/caselaws?id=159797 Sale of pledged gold ornaments by banks to realise loan security does not constitute a business of selling goods under the Kerala General Sales Tax Act. Although business covers trade, commerce and transactions incidental to those activities, recovery sales are treated as an exercise of the bank's security rights rather than commercial trading. Section 8 of the Banking Regulation Act permits disposal of security while otherwise restricting banks from trading in goods. Banks therefore do not become dealers merely because they sell pledged ornaments to recover outstanding loans, and sales tax is not leviable on such disposals. en-us Tue, 16 Dec 1997 00:00:00 +0530 Mon, 02 Dec 2013 13:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=159797 Sale of pledged gold ornaments by banks to realise loan security does not constitute a business of selling goods under the Kerala General Sales Tax Act. Although business covers trade, commerce and transactions incidental to those activities, recovery sales are treated as an exercise of the bank's security rights rather than commercial trading. Section 8 of the Banking Regulation Act permits disposal of security while otherwise restricting banks from trading in goods. Banks therefore do not become dealers merely because they sell pledged ornaments to recover outstanding loans, and sales tax is not leviable on such disposals. Case-Laws VAT and Sales Tax Tue, 16 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=159797