9911796707
TMI Blog2014 (10) TMI 980X X X X Extracts X X X X X X X X Extracts X X X X ..... la Value Added Tax Act? - Held that:- Reading of Rule 2(xv)(f) show that a bank or a financial institution selling pledged articles taken as a security whether in the course of business or not, is a dealer - In so far as this case is concerned, it is the admitted case of the bank that the properties of the company were mortgaged to it, for securing the loan availed and those properties were sold i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the order passed by the Kerala Value Added Tax Additional Appellate Tribunal, Palakkad in T.A.(VAT) No.138 of 2013 dated 21.7.2014 by which, the appeal filed by the appellant was dismissed by the Tribunal. 3. Briefly stated, the case of the appellant is that it is a nationalised bank to which a company by name Thiruvepathi Mills (P) Limited, Kannur was having liabilities. It is stated t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on payment of tax. Finally, after completing all procedural formalities, tax and penalty was levied on the appellant by order dated 25.8.2007. Appeal was filed before the statutory authority without success. It was in those circumstances, the appeal was filed before the Tribunal, which was disposed of by Annexure A3 order reducing the penalty to half of the tax assessed. It is this order, which is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... course of its business or not sells any gold or other valuable article pledged with it to secure any loan, for the realisation of such loan amount. Explanation I - Bank for the purposes of this clause includes a Nationalised Bank or a Schedule Bank or a Co-operative Bank. Explanation II - Financing Institution means a financing institution other than a bank. 6. Reading of Rule 2(xv) ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
