https://www.taxtmi.com/caselaws?id=263322 Sale of pledged assets by a bank in exercise of statutory enforcement powers under SARFAESI can form part of banking business for VAT purposes. The Orissa Value Added Tax Act definition of "dealer" and "business" was read to include transactions incidental or ancillary to banking activity, and the charging provisions were applied to taxable turnover from sales. On that basis, auction sale of pledged goods for recovery of loan dues was treated as a taxable transaction within the Act's charging scheme, even though the bank was not expressly named in the definition. en-us Mon, 03 Mar 2014 00:00:00 +0530 Mon, 31 Aug 2015 09:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263322 Sale of pledged assets by a bank in exercise of statutory enforcement powers under SARFAESI can form part of banking business for VAT purposes. The Orissa Value Added Tax Act definition of "dealer" and "business" was read to include transactions incidental or ancillary to banking activity, and the charging provisions were applied to taxable turnover from sales. On that basis, auction sale of pledged goods for recovery of loan dues was treated as a taxable transaction within the Act's charging scheme, even though the bank was not expressly named in the definition. Case-Laws VAT and Sales Tax Mon, 03 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263322