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(c) The case of R.R. Sen & Brothers v. JCIT 95 TTJ 398 (Cal.) it was referred for the following proposition:
11. We have considered the rival submissions. We find that it is necessary arrive at a finding as to whether foreign currency could be considered to be either goods or merchandise. Since the foreign currency has not been defined in the IT Act, we have to be to the general dictionary meaning and other considerations to find out its real meaning with reference to eligibility of deduction under Section 80HHC. According to Chamber Dictionary "merchandise" means" commodities or goods that are bought and sold in business" and the "goods bought and sold for gain. According to Webster Dictionary, 'commodities' means "something useful and valuable" and an "economic good and article of commerce". According to English Readers' Dictionary by Homby Parnwell (Oxford) "commodity means "trade goods". Having understood the meaning of the word "commodity", if we apply the decision quoted by learned Counsel in the case of Imperial Tobacco Co., we find that the Hon'ble Judges there were seized with the question whether dollar would be a commodity. We find the reply to be positive. For the purpose of clarity, we quote the relevant paragraph from the order in the case of Imperial Tobacco Co., which reads as under: