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TypeBare Act JurisdictionCentral Government

Finance Act, 2002 Section 118

AMENDMENT OF SECTION 14 -In Section 14 of the Customs Act-,

~1 min read
https://sooperkanoon.com/act/250316

Bare act section · Research

About this section

Finance Act, 2002 Section 118 is part of Finance Act, 2002 - AMENDMENT OF SECTION 14 -In Section 14 of the Customs Act-,. Read the section text below and explore Indian court judgments that cite it.

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Section Text

i) in sub-section (1), for the portion beginning with the words "international trade" and ending with the words "offer for sale", the following shall be substituted. namely:- "international trade, where-

(a) the seller and the buyer have no interest in the business of each other; or (b) one of them has no interest in the business of the other, and the price is the sole consideration for the sale or offer for sale";

(ii) in sub-section (2), for the words "Central Government", the word "Board" shall be substituted;

(iii) in sub-section (3),-

(a) in clause (a), for the words "Central Government", wherever they occur, the word "Board" shall be substituted;

(b) for clause (b), the following clause shall be substituted, namely:- '(b) "foreign currency" and "Indian currency" have the meanings respectively assigned to them in clause (m) and clause (q) ofSection 2 of the Foreign Exchange Management Act, 1999-(42 of 1999);'.

Frequently asked questions

What does Finance Act, 2002 Section 118 provide?

Section Section 118 of the Finance Act, 2002 (AMENDMENT OF SECTION 14 -In Section 14 of the Customs Act-,) is reproduced on this page as part of the Finance Act, 2002. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 2002 Section 118?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2002 Section 118. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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