1954 (3) TMI 43

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..... ich the assessee exported outside the Indian territory during the assessment year. The contract for the sale with the foreign buyers was on the 26th October, 1949, and the coffee seeds were booked on the 25th January, 1950, at Mangalore. The ship actually left the port on the 28th January, 1950. The foreign purchasers opened a letter of credit which was confirmed by the branch of the Imperial Bank .....

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..... arly of opinion that the property in the goods passed to the buyer outside the Indian territory and only when the bill of exchange was accepted by the buyer and the bill of lading was handed over to the buyer or his bank. A similar question was considered under the Income-tax Act by this Court in Commissioner of Income-tax, Madras v. Mysore Chromite Ltd(1), and the conclusion reached by the Bench .....

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