TMI BlogTrading of goodsX X X X Extracts X X X X X X X X Extracts X X X X ..... ted 1967 (12) TMI 28 - SUPREME 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransfer of Property Act, 1882; Section 65B(33) - 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roviding such service. ) Moreover the title in the goods never passes 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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