https://www.taxtmi.com/caselaws?id=161791 Clause (g) of section 2(viii) of the Kerala General Sales Tax Act, 1963, was upheld as constitutionally valid and within the State's legislative competence, because the extended dealer definition could validly cover banks and financial institutions selling pledged gold or other valuables for loan recovery. The Court also treated such auction sales as part of, or at least incidental to, banking business under the Act and the Banking Regulation Act. On that basis, a bank selling pledged gold ornaments by public auction was held to be a dealer, and the sale transactions were held exigible to tax. en-us Thu, 03 Apr 2003 00:00:00 +0530 Thu, 06 Feb 2014 16:08:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=161791 Clause (g) of section 2(viii) of the Kerala General Sales Tax Act, 1963, was upheld as constitutionally valid and within the State's legislative competence, because the extended dealer definition could validly cover banks and financial institutions selling pledged gold or other valuables for loan recovery. The Court also treated such auction sales as part of, or at least incidental to, banking business under the Act and the Banking Regulation Act. On that basis, a bank selling pledged gold ornaments by public auction was held to be a dealer, and the sale transactions were held exigible to tax. Case-Laws VAT and Sales Tax Thu, 03 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=161791