Case LawADVANCE RULING NO. KAR ADRG 16 OF 2018
Rajarathnam's Jewels, In re
- Court:
- Authority for Advance Ruling
- Bench:
- Karnataka
- Date:
- July 27, 2018
- Type:
- Advance Ruling
- Members:
- HARISH DHARNIA AND DR. RAVI PRASAD M.P
Subject
Mere deposit of diamond with safe vaults does not constitute of supply of diamonds
SupplyConsideration
Summary
The applicant is desirous of entering into a derivative contract in diamonds through Indian Commodity Exchange Limited 'ICEX' or the Exchange The applicant has sought advance ruling in respect of the following question: ( a ) Whether mere dep…
Judgement
12. FINDINGS & DISCUSSION: a . The submissions of the applicant is verified and found the following: i . The applicant proposes to convert diamond to e-Units by depositing them to the safe vault, obtaining an EVR and surrendering the EVR to obtain e-Units. In this transaction, the diamonds are handed over to the Safe Vault and obtains the receipt of such deposit. As per the submissions made by…