HASAN MUMTAZ Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AT the instance of the assessee the Income-tax Appellate Tribunal has referred the following question of law for the opinion of this court :

(2.) THE relevant facts are these :

(3.) THERE is no definition of the word "price" in this Act. It is, however, settled that the word "price" is used in the same sense as in Section 4 of the Sale of Goods Act (See CIT v. Motors and General Stores (P.) Ltd. [1967] 66 ITR 692 (SC) (at page 695). Section 2(10) of the Sale of Goods Act defines "price" as meaning the money consideration for a sale of goods. The presence of money" consideration is, therefore, an essential element in a transaction of sale.