https://www.taxtmi.com/caselaws?id=301206 Amounts entrusted to a defendant for deposit of rent and allied payments were treated as a "debt" under section 2(g) because the statutory definition covers liabilities due to a bank arising in the course of business activity. "Business activity" was read broadly to include functions necessary for carrying on banking operations, not only core lending or deposit transactions. Since arranging rent for office premises and staff accommodation supported the bank's efficient functioning, the claim arose from business activity and fell within the Act. The Tribunal's jurisdiction was therefore upheld and the defendant's challenge was dismissed. en-us Fri, 29 Sep 1995 00:00:00 +0530 Sat, 19 Mar 2022 17:36:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301206 Amounts entrusted to a defendant for deposit of rent and allied payments were treated as a "debt" under section 2(g) because the statutory definition covers liabilities due to a bank arising in the course of business activity. "Business activity" was read broadly to include functions necessary for carrying on banking operations, not only core lending or deposit transactions. Since arranging rent for office premises and staff accommodation supported the bank's efficient functioning, the claim arose from business activity and fell within the Act. The Tribunal's jurisdiction was therefore upheld and the defendant's challenge was dismissed. Case-Laws Indian Laws Fri, 29 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301206