https://www.taxtmi.com/caselaws?id=362837 A financier selling repossessed hypothecated vehicles was treated as a dealer under the Kerala VAT Act, because the statutory definitions of dealer, sale and turnover were wide enough to cover transfer of goods for consideration in the course of business. The Court also relied on the recognised rights attached to hypothecation and the Motor Vehicles Act framework to hold that the sale proceeds of such vehicles formed part of taxable turnover. However, penalty for non-inclusion of that turnover was held unsustainable where the issue was genuinely debatable, the amounts were reflected in the books, and there was no suppression or contumacious conduct. en-us Mon, 11 Jun 2018 00:00:00 +0530 Thu, 05 Jul 2018 09:42:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362837 A financier selling repossessed hypothecated vehicles was treated as a dealer under the Kerala VAT Act, because the statutory definitions of dealer, sale and turnover were wide enough to cover transfer of goods for consideration in the course of business. The Court also relied on the recognised rights attached to hypothecation and the Motor Vehicles Act framework to hold that the sale proceeds of such vehicles formed part of taxable turnover. However, penalty for non-inclusion of that turnover was held unsustainable where the issue was genuinely debatable, the amounts were reflected in the books, and there was no suppression or contumacious conduct. Case-Laws VAT and Sales Tax Mon, 11 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362837