https://www.taxtmi.com/caselaws?id=415710 Repossession and sale of hypothecated motor vehicles by a financier can fall within the wide TNVAT Act definitions of "sale" and "dealer" when the financier exercises contractual rights to repossess and dispose of the goods without the owner's consent. The Court treated such disposals as compulsory sales for realisation of debt, not mere agency transactions, and noted that turnover includes sales made on account of others as well as on the assessee's own account. It also held that contractual non-ownership does not avoid tax where substantive rights of possession and sale are retained. Sales of used business assets such as plant, machinery and fittings were likewise treated as taxable disposals within the Act's ambit. en-us Thu, 11 Nov 2021 00:00:00 +0530 Sat, 11 Dec 2021 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415710 Repossession and sale of hypothecated motor vehicles by a financier can fall within the wide TNVAT Act definitions of "sale" and "dealer" when the financier exercises contractual rights to repossess and dispose of the goods without the owner's consent. The Court treated such disposals as compulsory sales for realisation of debt, not mere agency transactions, and noted that turnover includes sales made on account of others as well as on the assessee's own account. It also held that contractual non-ownership does not avoid tax where substantive rights of possession and sale are retained. Sales of used business assets such as plant, machinery and fittings were likewise treated as taxable disposals within the Act's ambit. Case-Laws VAT and Sales Tax Thu, 11 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415710