https://www.taxtmi.com/caselaws?id=163256 A State can validly amend its sales tax law to treat a bank selling pledged gold or other valuables as a dealer because taxation of the sale or purchase of goods falls within State legislative power, and the banking entry does not exclude an incidental sale transaction. A bank's sale of pledged goods on default is treated as a taxable sale of goods: the pledgee is entitled under the Contract Act to sell after notice, title passes to the buyer, and the sale is not immunised by the Banking Regulation Act or by the law of pledge. The commentary states that such sales of pledged gold ornaments, bullion, and other valuables remain liable to sales tax. en-us Tue, 08 Jan 2008 00:00:00 +0530 Wed, 17 Dec 2014 09:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=163256 A State can validly amend its sales tax law to treat a bank selling pledged gold or other valuables as a dealer because taxation of the sale or purchase of goods falls within State legislative power, and the banking entry does not exclude an incidental sale transaction. A bank's sale of pledged goods on default is treated as a taxable sale of goods: the pledgee is entitled under the Contract Act to sell after notice, title passes to the buyer, and the sale is not immunised by the Banking Regulation Act or by the law of pledge. The commentary states that such sales of pledged gold ornaments, bullion, and other valuables remain liable to sales tax. Case-Laws VAT and Sales Tax Tue, 08 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=163256