Word 'Sale' - Indian Laws - General

Meaning of expression Sale A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one part-owner and another. A contract of sale may be absolute or conditional.(THE SALE OF GOODS ACT, 1930). IN RE: M/S. CHEP INDIA PVT. LTD.- 2022 (12) TMI 512 - AUTHORITY FOR ADVANCE RULING, MAHARASHTRA, observed that; Sale is defined in in Section 54 of the Transfer of Property Act, 1882 in the following manner: a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised. Further, the Hon ble Supreme Court in the case of Joint Commercial Tax Officer, Harbour Division, II, Madras v. Young Men s Indian Association (Regd.), 1970 (2) TMI 87 - SUPREME COURT, held that Where general property in goods belonging to a person is under a contract transferred to another for a price paid or promised, the transaction is a sale . As per M/S. TATA MOTORS LTD.- 2023 (5) TMI 744 - SUPREME COURT ............a transaction could amount to a sale if consideration is in terms of money.......... ....No doubt, cash is a money consideration but the definition of sale under the Central Sales Tax Act as well as under the State enactments does not imply price to mean only a money consideration in a narrower sense but in a wider sense to include different forms of money consideration such as deferred payment and also a valuable consideration which need not be restricted to cash or deferred payment only but a valuable consideration which would include a credit note which is to be read within the definition of price ..