Definition of purchase price clarified to exclude auction bid money and highest accepted offers, and to include co-operative societies. The amendment inserts an Explanation defining "purchase price" as any amount paid or payable by the buyer to obtain goods but excluding amounts paid as ... Summary
Definition of purchase price clarified to exclude auction bid money and highest accepted offers, and to include co-operative societies.
The amendment inserts an Explanation defining "purchase price" as any amount paid or payable by the buyer to obtain goods but excluding amounts paid as bid money in an auction or as the highest accepted offer in a tender or other mode; it also inserts "or co-operative society" after "firm" in the Explanation to include co-operative societies within the provision's descriptive scope.
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