9911796707
TMI Blog2021 (7) TMI 1051X X X X Extracts X X X X X X X X Extracts X X X X ..... o the respondent- Corporation and the appellant has not sustained any loss from the transaction in question. The issue decided in the case of BANGALORE BULLION TRADERS, BANGALORE VS. MINERALS AND METAL TRADING CORPORATION LIMITED, BANGALORE [ 2003 (2) TMI 546 - KARNATAKA HIGH COURT ] where it was held that incurring loss or making profit in a trade like this is very much inherent in the trade itself and therefore, simply because the petitioners are required to pay the price of the gold at the higher rate, consequent upon the increase in the customs duty and consequential increase in the sales tax etc., it is not the right of the petitioners to insist that the Corporation should sell the gold to them at the rate at which the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purity. By an email dated 07.01.2003, the respondent No.2 apprised the appellant with regard to premium, expected delivery schedule and the premium tariff. The petitioner accepted the premium and revised premium by communication dated 07.01.2013 and opted for 'C' category by requesting the respondent to pay custom duty. Thereupon, the Corporation made necessary indent for consignment and paid customs duty to the extent of ₹ 1,21,80,430/- at 15.01.2013. The appellant was informed on 16.01.2013 about arrival of the consignment and was asked to deposit the required margin money . However, the appellant failed to deposit the aforesaid amount. 3. On 21.01.2013, the customs duty tariff was revised and rate of custom duty was enha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt. On the other hand, learned counsel for the Corporation submitted that there is no concluded contract between the parties and the issue before the learned Single Judge was covered by a division bench decision of this court. 5. We have considered the submissions made by learned counsel for the parties and have perused the record. Admittedly, the appellant had not made any payment to the respondent- Corporation and the appellant has not sustained any loss from the transaction in question. The only issue, which arises for consideration is whether the Corporation like any other importer of gold has a right to sell the gold after a particular date at the rate fixed by it. The aforesaid issue is concluded by division bench of this court in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a right to insist that though the prevalent market value is lesser than the previous rate, the buyers of the gold should pay the price of the gold at the previous higher rate. This example is given by us only to show that incurring loss or making profit in a trade like this is very much inherent in the trade itself and therefore, simply because the petitioners are required to pay the price of the gold at the higher rate, consequent upon the increase in the customs duty and consequential increase in the sales tax etc., it is not the right of the petitioners to insist that the Corporation should sell the gold to them at the rate at which the Corporation imported gold. 6. Thus, from the aforesaid, it is evident that the controversy involved ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
