MANAGEMENT

Detailed explanation-1: -According to item six (6) of the schedule actionable claims other than lottery, betting and gambling shall be treated neither as a supply of goods nor a supply of services.

Detailed explanation-2: -Cash in Hand is not an actionable claim.

Detailed explanation-3: -Supply of Goods or Services or Both “Goods” has been defined as every kind of movable property other than mon-ey and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply.

Detailed explanation-4: -Actionable claim means a debt or a claim on which action can be started in a Court of law for comfort or relief. The civil Courts recognized as giving the grounds for relief whether such claims are conditional, accruing and other. The actionable claim is defined under section 3 of the Transfer of Property Act, 1882.

Detailed explanation-5: -In general terms, an actionable claim is a debt or claim for which the person can take an action and also approach the Court for recovery his debt or claim. Tangible or touchable movables such as chairs or bikes and many have physical existence and can be possessed. Some movable property is an actionable claim.