Stressed Assets Stabilization Fund is a deemed dealer under MVAT Act

Stressed Assets Stabilization Fund Vs State of Maharashtra (Bombay High Court) Bombay High Court held that Stressed Assets Stabilization Fund is a deemed dealer as per Explanation to section 2(8) of the Maharashtra Value Added Tax, 2002 [MVAT Act] and hence liable for payment of tax. Facts- The Appellant, namely M/s. Stressed Assists Stabilization Fund (SASF), is a trust set up by the Central Government. The purpose of setting up the aforesaid Trust was basically to acquire, by transfer, the stressed assets of the Industrial Development Bank of India (IDBI) who had accumulated non-performing a...