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.
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