https://www.taxtmi.com/caselaws?id=47154 Transferable Duty Entitlement Pass Book credit under the Export Import Policy was held to be "goods" for sales tax purposes because it was movable property with independent market value and commercial utility. The court reasoned that the credit was neither money, as it was not a circulating medium of exchange, nor an actionable claim, because it was a crystallised and immediately transferable entitlement usable against import duty without legal enforcement. Even if treated as a debt-like right, it remained assignable property. The credit therefore fell within Section 2(13) of the Bombay Sales Tax Act, 1959 and was liable to sales tax. en-us Fri, 02 May 2003 00:00:00 +0530 Fri, 21 Mar 2014 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=47154 Transferable Duty Entitlement Pass Book credit under the Export Import Policy was held to be "goods" for sales tax purposes because it was movable property with independent market value and commercial utility. The court reasoned that the credit was neither money, as it was not a circulating medium of exchange, nor an actionable claim, because it was a crystallised and immediately transferable entitlement usable against import duty without legal enforcement. Even if treated as a debt-like right, it remained assignable property. The credit therefore fell within Section 2(13) of the Bombay Sales Tax Act, 1959 and was liable to sales tax. Case-Laws VAT and Sales Tax Fri, 02 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=47154