Exchange - Indian Laws - General

Word Exchange Exchange is defined in Section 118 of the Transfer of Property Act, 1882 to mean: When two persons mutually transfer the ownership of one thing for the ownership of another, neither thing nor both things being money only, the transaction is called an exchange Further, the Hon ble Supreme Court in the case of I.T. Commissioner Bombay v. Rasiklal Moneklal, 1989 (3) TMI 3 - SUPREME COURT, held as below An exchange involves the transfer of property by one person to another and reciprocally the transfer of property by that other person to the first person. There must be a mutual transfer of ownership of one thing for the ownership of another. [IN RE: M/S. CHEP INDIA PVT. LTD.- 2022 (12) TMI 512 - AUTHORITY FOR ADVANCE RULING, MAHARASHTRA]