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      Question

      Sale is transfer of ownership in exchange of

      ____.
      A Price paid Correct Answer Incorrect Answer
      B Price paid or promised. Correct Answer Incorrect Answer
      C Price part paid and part promised. Correct Answer Incorrect Answer
      D B or C. Correct Answer Incorrect Answer
      E Price paid or promised or partly paid partly promised including payment in kind. Correct Answer Incorrect Answer

      Solution

      As per s. 54 of the TP Act Β  S. 54. β€œSale” defined.β€” β€œSale” is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised.

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