9911796707
TMI Blog2021 (7) TMI 1051X X X X Extracts X X X X X X X X Extracts X X X X ..... learned Single Judge, by which writ petition preferred by the appellant has been dismissed. 2. Facts leading to filing of this appeal briefly stated are that petitioner is a partnership firm, which is engaged in the business of trading with gold and allied products. The respondent No.2 is a Government of India enterprise created as a State Trading Corporation in the trade of metals and minerals. The respondent No.2 is a nominated agency to import gold on behalf of the customers. The respondent No.2 procures the gold and delivers the same to the customers by charging trade margin. The appellant intended to procure the gold bars and accordingly, the appellant approached the respondent No.2 with an intent to purchase 100 Kgs of god with 999 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... old rates. However, Corporation by communication dated 24.01.2013 informed the appellant that as per the guidelines issued by the Corporate office, the appellant will have to pay customs duty at the current rate. The appellant challenged the validity of the aforesaid communication dated 24.01.2013 in a writ petition before the learned Single Judge. The learned Single Judge by placing reliance on a division bench decision of this court, dismissed the writ petition. In the aforesaid factual background, this appeal has been filed. 4. Learned counsel for the appellant submitted that the Corporation could not have insisted for revised payment of customs duty at the enhanced rate as the same has already paid along with the customs duty. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are the attributes of any business carried on by any trading organization. As already pointed out supra, when the Corporation established its relationship with the petitioners as supplier of gold, in pursuance of the agreements entered into between the parties, it was acting as a purely trading organization with the risk of incurring loss or profit in the trade. It is needless to state that there is always such risk involved in every business of purchase and sale and the authorities concerned will be making profit or incurring loss due to several factors such as exchange fluctuations and other pricing methods. In the present case, the petitioners lifted the gold long time after sale price was increased in the market. Suppose, the sale pric ..... X X X X Extracts X X X X X X X X Extracts X X X X
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