Supreme Court of India
Federal Bank Ltd. and Ors. v. State of Kerala and Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that sale of pledged ornaments falls within the course of banking business under the / ) j- FEDERAL BANK LTD. v.
Judgment, page 18
From the headnote
Kera/a General Sales Tax Act, 1963; Section 2(viii)(g) as amended by Kera/a Finance Act, 1998-Banking Regulation Act, 1949; Sections S(b), 6, 8, & 29-Contract Act, 1872-Section 176-Central Sales Tax Act, 1956; Section 2(g)-Sale of Goods Act, 1930; Section 4-Sale of pledged goods by banks for realisation of defaulted loan-Liability to Sales Tax-Held, sale of pledged goods fall within the course of banking business and hence, banks are liable to sales tax under the Sales Tax Act. By the Kerala Finance Act, 1998, the definition of the word 'dealer' in section 2(viii) of the Kerala General Sales
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