sec 297
This query is : Resolved
24 July 2010
whether capital goods like machinery, fur. included in the defination of specified goods for the purpose of sec. 297
24 July 2010
Section 297 as well as the Companies Act,1956 does not define "goods". Thus the Sale of Goods Act,1930 may be referred. That act says, goods means every kind of movable property. Accordingly, furniture will come under the purview of section 297. As far as machinery is concerned, if it is not permanently attached to earth, it will fall in the category of goods within the meaning of section 297.
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