Price - Indian Laws - General

Meaning of expression Price Price is the amount of consideration which a seller charges the buyer for parting with the title to the goods. The price would include not only the price of the goods but also the expenditure incurred for transporting the goods, duties levied, etc. The entire amount of consideration including the sales tax component which the purchaser pays, constitutes the price of goods. The expression price under the Sale of Goods Act is limited to a money consideration, cash or deferred payment but under the definition of sale under the Sales Tax legislations, the expression used is not just cash or deferred payment but also a valuable consideration. [M/S. TATA MOTORS LTD.- 2023 (5) TMI 744 - SUPREME COURT] The meaning of the word price as defined in Black s Law Dictionary , Fifth Edition is as follows - Price . Something which one ordinarily accepts voluntarily in exchange for something else. The consideration given for the purchase of a thing Amount which a prospective seller indicates as the sum for which he is willing to sell; market value. The term may be synonymous with cost, and with value, as well as with consideration, though price is not always identical either with consideration In Words and Phrases , Permanent Edition 33, meaning of the words price is given as under :-- Price is defined as something which one ordinarily accepts voluntarily in exchange for something e sc; yet it is also defined as a recompense, which is a synonym for compensation . The word worth is defined as furnishing an equivalent for change on measure of damages for personal injuries, pain, and suffering held not misleading nor objectionable as placing price on pain and suffering Harb v. Hallowell, 154-A, 582, 584, 304 pa. 128. ANJIT ICE AND GENERAL MILLS AND ORS. VERSUS STATE OF PUNJAB AND ORS. - 1990 (5) TMI 248 - PUNJAB AND HARYANA HIGH COURT