Trading of goods

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....Court the apex court held that trade in its primary use is exchanging of goods for goods or for money and in secondary meaning it is repeated activity in the nature of business carried on with a profit motive. Also in case of Gannon Dunkerley & Company v State of Madras, 1954 (4) TMI 30 - MADRAS HIGH COURT it was held that if a person buys goods with a view to selling them at profit it is essenti....

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.... "money" means Indian legal tender, cheque, promissory note, bill of exchange, letter of credit, draft, pay order, traveller cheque, money order, postal or electronic remittance or any such similar instrument when used as consideration to settle an obligation or exchange with Indian legal tender of another denomination but shall not include any currency that is held for its numismatic va....

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....on to such agents to come within the ambit of trading of goods. 4.5.2 Would future contracts in commodities be covered under trading of goods? Yes. Futures contracts would be covered under trading of goods as these are contracts which involve transfer of title in goods on a future date at a pre-determined price. 4.5.3 Would commodity futures be covered under trading of goods? Yes. In commodity....