TMI Blog2022 (10) TMI 994X X X X Extracts X X X X X X X X Extracts X X X X ..... 0-2022 - HONOURABLE MR. JUSTICE N.V.ANJARIA AND HONOURABLE MR. JUSTICE BHARGAV D. KARIA Appearance: MR MIHIR JOSHI, SR. ADVOCATE with MR KUNTAL A PARIKH with MR PARTH BADHEKA (7757) for the Petitioner(s) No. 1,2 for the Respondent(s) No. 1,2,4,5 ADVANCE COPY SERVED TO GOVERNMENT PLEADER/PP for the Respondent(s) No. 3 ORAL ORDER (PER : HONOURABLE MR. JUSTICE N.V.ANJARIA) The petitioner herein ICICI Bank Ltd. is a banking company engaged in providing banking and financial services including services of lending. It is registered under the provisions of Central Goods Services Tax Act, 2017, and is having registration number. 2. The petitioner lends money to its customers for various purposes includin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by a person dealing in buying and selling of second hand goods i.e., used goods as such or after such minor processing which does not change the nature of the goods and where no input tax credit has been availed on the purchase of such goods, the value of supply shall be the difference between the selling price and the purchase price and where the value of such supply is negative, it shall be ignored: Provided that the purchase value of goods repossessed from a defaulting borrower, who is not registered, for the purpose of recovery of a loan or debt shall be deemed to be the purchase price of such goods by the defaulting borrower reduced by five percentage points for every quarter or part thereof, between the date of purchase and the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aulting borrower for the purpose of recovery of loan or debt shall be deemed to be the purchase price of such goods by the defaulting borrower reduced as indicated for every quarter between the date of purchase and the date of disposal of repossessed vehicle or goods. 4.1 Learned senior advocate thereafter drew attention of the Court to the contents of the aforesaid Notification dated 25.01.2018 and the explanation. It was submitted that distinction between registered borrower and unregistered borrower is arbitrary and ultra vires. It was submitted that on reading of Rule 32(5) along with Tariff Entry No. 8703, it becomes clear that whether the borrower is registered borrower or unregistered borrower, the result to ensue has to be same a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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