https://www.taxtmi.com/caselaws?id=274260 A nationalised bank that sold mortgaged assets in public auction to realise a loan was treated as a dealer under section 2(xv)(f) because the provision covers a bank or financing institution selling pledged or other valuable articles secured for a loan, even if the sale is not in the course of business. As the bank sold the mortgaged properties in its capacity as mortgagee, the statutory definition was satisfied. Tax liability therefore followed, and the reduced penalty imposed by the Tribunal was also sustained. en-us Wed, 29 Oct 2014 00:00:00 +0530 Sat, 04 Aug 2018 08:25:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274260 A nationalised bank that sold mortgaged assets in public auction to realise a loan was treated as a dealer under section 2(xv)(f) because the provision covers a bank or financing institution selling pledged or other valuable articles secured for a loan, even if the sale is not in the course of business. As the bank sold the mortgaged properties in its capacity as mortgagee, the statutory definition was satisfied. Tax liability therefore followed, and the reduced penalty imposed by the Tribunal was also sustained. Case-Laws VAT and Sales Tax Wed, 29 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274260