Inside Sale - Law Dictionary Search Results
Home Dictionary Name: inside saleInside sale
Inside sale, where the purchaser buys goods in West Bengal for his own consumption, the test of an 'inside sale' is satisfied when the property in the goods passes in the same State and all the elements of the contract of sale also take place inside it, Burmah Shell Opil Storage and Distributing Co. of India Ltd. v. Commercial Tax Officer, AIR 1961 SC 315: (1961) 1 SCR 902. [Constitution of India Art. 286 Expl.]...
Resale and sale
Resale and sale, 're-sale and sale' must have the same meaning and the definition of 'sale' in the Act is a general definition which does not limit it to a sale inside the territory of Delhi. S. 5(2)(a)(ii) of the Bengal Finance (Sales Tax) Act, 1941 does not seek to impose any tax on resale, Polestar Electronic (Pvt.) Ltd. v. Additional Commissioner of Sales Tax, AIR 1978 SC 897: (1978) 1 SCC 636: (1978) 3 SCR 98....
Sale within State
Sale within State, a sale within the State includes a sale determined to be inside the State in accordance with the principles formulated in sub-s. (2) of s. 4 of the Central Sales Tax Act, 1956, Instalment Supply Ltd. v. S.T.O. Ahmedabad, AIR 1974 SC 1105 (1109). [Gujarat Sales Tax Act, 1970, s. 2(28) Explanation]...
inside information
inside information : information not known to the public that one has obtained by virtue of being an insider called also insider information ...
insider preference
insider preference : a transfer of property by a debtor in bankruptcy to an insider made more than ninety days prior to but within one year of the bankruptcy petition ...
insider trader
insider trader : one that engages in insider trading ...
insider trading
insider trading : the illegal use of esp. material inside information for profit in financial trading see also tippee ...
sale
sale 1 a : the transfer of title to property from one party to another for a price ;also : the contract of such a transaction see also short compare barter, donation, exchange, gift absolute sale : a sale that takes place without conditions and with title simply passing to the buyer upon payment of the price compare conditional sale in this entry bulk sale : a sale not in the ordinary course of the seller's business of more than half of the seller's inventory called also bulk transfer NOTE: Article 6 of the Uniform Commercial Code governs bulk sales. Under section 6-102(c), in order for a sale to be considered a bulk sale, the buyer (or an auctioneer or liquidator if the sale is an auction) must have been given notice or been able upon reasonable inquiry to have had notice that the seller will not afterward continue to operate the same or a similar kind of business. cash sale : a sale in which payment must be made in cash NOTE: Under U.C.C. section 2-310, payment must be made ...
Sale price
Sale price, 'Sale Price' means the amount payable to a dealer as consideration for the sale of any goods, less any sum allowed as cash discount according to the practice normally prevailing in the trade, but inclusive of any sum charged for anything done by the dealer in respect of the goods at the time of or before the delivery thereof other than the cost of freight or delivery of the cost of installation in case where such cost is separately charged and the expression 'purchase price' shall be construed accordingly, Shree Gopal Industries Ltd. v. State of Rajasthan, AIR 1971 SC 2054: (1971) 2 SCC 532.(ii) Under s. 4 of the Madhya Pradesh General Sales Tax Act, 1958 the liability to pay tax is that of the dealer. The purchaser has no liability to pay tax. There is no provision in the Act from which it can be gathered that the Act imposes any liability on the purchaser to pay the tax imposed on the dealer. If the dealer passes on his tax burden to his purchasers he can only do it by au...
Food and sale
Food and sale, 'Food' is defined by S. 2(v) of the Prevention of Food Adulteration Act, 1954 as meaning 'any article used as food or drink for human consumption other than drugs and water and includes:(a) any article which ordinarily enters into, or is used in the composition or preparation of human food, and(b) any flavouring matter or condiments. 'Sale' is defined by S. 2(xiii) as follows: 'Sale' with its grammatical variations and cognate expressions, means the sale of any article of food, whether for cash or on credit or by way of exchange and whether by wholesale or retail, for human consumption or use, or for analysis, and includes an agreement for sale, an offer for sale, the exposing for sale or having in possession for sale of any such article, and includes also an attempt to sell any such article; According to the definition of 'food' any used as food or drink for human consumption and any article which ordinarily enters into or is used in the composition or preparation of hu...
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