https://www.taxtmi.com/caselaws?id=164448 A financier selling repossessed hypothecated vehicles can fall within the VAT Act's definition of "dealer" where the sale is part of, incidental to, or authorised within the financing arrangement. The sale of such vehicles was treated as a taxable transfer even though initial title remained with the borrower, because the financier exercised a contractual or banking right to repossess and sell for realisation of dues. VAT was therefore payable on the sales. However, prosecution threats at the pre-assessment stage were found premature and were quashed, leaving assessment and recovery to proceed according to law. en-us Fri, 16 Apr 2010 00:00:00 +0530 Thu, 24 Apr 2014 14:40:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=164448 A financier selling repossessed hypothecated vehicles can fall within the VAT Act's definition of "dealer" where the sale is part of, incidental to, or authorised within the financing arrangement. The sale of such vehicles was treated as a taxable transfer even though initial title remained with the borrower, because the financier exercised a contractual or banking right to repossess and sell for realisation of dues. VAT was therefore payable on the sales. However, prosecution threats at the pre-assessment stage were found premature and were quashed, leaving assessment and recovery to proceed according to law. Case-Laws VAT and Sales Tax Fri, 16 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=164448