https://www.taxtmi.com/caselaws?id=298819 VAT was held leviable on the bank's sale of repossessed cars, as binding precedent had already settled that such transactions fall within the tax net notwithstanding Section 8 of the Banking Regulation Act. The court therefore rejected the contention that the sales were outside VAT. On penalty, the 200% levy was found unsustainable because the underlying taxability issue was genuinely debatable and the rate was facially disproportionate. The matter was remitted for reconsideration of the appropriate penalty by the Tribunal in light of that debatable dispute. en-us Mon, 26 Sep 2016 00:00:00 +0530 Sun, 21 Nov 2021 19:20:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298819 VAT was held leviable on the bank's sale of repossessed cars, as binding precedent had already settled that such transactions fall within the tax net notwithstanding Section 8 of the Banking Regulation Act. The court therefore rejected the contention that the sales were outside VAT. On penalty, the 200% levy was found unsustainable because the underlying taxability issue was genuinely debatable and the rate was facially disproportionate. The matter was remitted for reconsideration of the appropriate penalty by the Tribunal in light of that debatable dispute. Case-Laws VAT and Sales Tax Mon, 26 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298819