Accumulated Profits - Law Dictionary Search Results
Home Dictionary Name: accumulated profits Page 1 of about 10 results ( seconds)Accumulated profits
Accumulated profits, Profit that has accrued but not yet been distributed; earned surplus - also termed undivided profits, See C.I.T. v. Urmila Ramesh, (1997) 4 SCC 93: AIR 1997 SC 1841....
Accumulation
Accumulation, a gathering together, heaping up, or amassing. The dominion over property, and its rents, issues, and profits, is restrained by our law as regards perpetuity and accumulation. See PERPETUITY.The prospective accumulation of income of real or personal estate is restrained by the (English) Law of Property Act, 1925, s. 164, replacing with amendments the (English) Accumulations Act, 1800 (39 & 40 Geo. 3, c. 98); commonly called 'The (English) Thellusson Act,' because the case of Thellusson v. Woodford, 4 Ves 227-343, 1798; and 11 Ves 112-151, 1805 was the occasion of its enactment. The (English) Act of 1925 declares that no person shall by any instrument or otherwise settle or dispose of any property, in such manner that the income thereof shall be accumulated for any longer term than--(1) The life of the grantor or settlor;(2) 21 years from the death of the grantor or settlor, or testator;(3) During the minority of any person who shall be living on en ventre sa mere at the t...
Deemed dividend
Deemed dividend, it is only where a loan is advanced by a company to a registered shareholder out of its accumulated profits that it would be liable to be regarded as 'deemed dividend' under s. 2(6A)(e) of the Income-tax Act,1922 and a loan to a beneficial owner of the shares does not come within the mischief of this section, Rameshwal Lal Sanwarmal v. Commissioner of Income Tax, (1980) 2 SCC 371: AIR 1980 SC 372: (1980) 2 SCR 369....
Accumulated loss
Accumulated loss, means so much of the loss of the amalgamating banking company under the head 'profits and gains of business or profession' (not being a loss sustained in a speculation business) which such amalgamating banking company, would have been entitled to carry forward and set off under the provisions of section 72 if the amalgamation had not taken place. [Income Tax Act, 1961 (43 of 1961), s. 72AA, Exp.]Means so much of the loss of the amalgamating banking company under the head 'Profits and gains of business or profession' is not being a loss sustained in a speculation business which such amalgamating bank company, would have been entitled to carry forward and set-off under the provisions of section 72 if the amalgamation had not taken place, [Income Tax Act, 1961, s. 72AA Explanation]...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
fund
fund 1 : a sum of money or other resources whose principal or interest is set aside for a specific objective cli·ent security fund : a fund established by each state to compensate clients for losses suffered due to their attorneys' misappropriation of funds common trust fund : an in-house trust fund established by a bank trust department to pool the assets of many small trusts for greater diversification in investing executor fund : a fund established in estate planning to provide for the payment of final expenses by an executor joint wel·fare fund : a fund that is established by collective bargaining to provide health and welfare benefits to employees and that is jointly administered by representatives of labor and management paid-in fund : a reserve cash fund in lieu of a capital stock account set up by mutual insurance companies to cover unforeseen losses sink·ing fund : a fund set up and accumulated by regular deposits for paying off the principal on a debt...
stock
stock 1 a : the equipment, materials, or supplies of a business b : a store or supply accumulated ;esp : the inventory of the goods of a merchant or manufacturer 2 : the ownership element in a corporation usually divided into shares and represented by transferable certificates ;also : the certificate evidencing ownership of one or more shares of stock capital stock 1 : the stock that a corporation may issue under its charter including both common and preferred stock 2 : the outstanding shares of a joint stock company considered as an aggregate 3 : capitalization common stock : a class of stock whose holders share in company profits (as through dividends) on a pro rata basis, may vote for directors and on important matters such as mergers, and may have limited access to information not publicly available cumulative preferred stock : preferred stock whose holders are entitled to the payment of cumulative dividends as well as current dividends before common stockholders are ...
Directors
Directors, persons appointed or elected according to law, authorized to manage and direct the affairs of a corporation or company. The whole of the directors collectively form the board of directors. Their powers, if the company be incorporated by Act of Parliament, are derived from its special Acts and ss. 90-100 of the (English) Companies Clauses Act, 1845; if the company be incorporated under the (English) Companies Act, 1929, see ss. 139 et seq., ibid. The company is bound by all acts of the directors within the scope of their authority. They may receive a salary, but may make no personal profit from the company [see, however, Re Dover Coalfield Ltd., (1908) 1 Ch 65], nor can a pension be granted to a retiring managing director, Normandy v. Ind, Coope & Co., (1908) 1 Ch 84; but they were under no personal liability except for fraud, as to the criminal liability for which see Larceny Act, 1861 (24 & 25 Vict. c. 96), ss. 81 et seq., and DECEIT. Public companies registered after Octob...
Interest
Interest, an interest for the purposes of the regula-tion was not limited to a direct financial interest and included membership of a panel such as the panel of which the claimant's solicitors were members that, therefore, the Claimant's Solicitors had had an interest in recommending the insurance which they recommend to her; that, in the circumstances, there had not been sufficient disclosure of that interest; and that, accordingly, there had been a material breach of regulation 4(2)(e)(ii) and the conditional fee agreement was unenforceable [See (English) Conditional Fee Agreements Regulation, 2000 (SI 2000/692), reg. 4(2)(c)(e)(ii)], Garrett v. Halton BC, (2007) 1 WLR 554 CA Cir.Interest, inter alia as the compensation fixed by agreement or allowed by law for the use or detention of money, or for the loss of money by one who is entitled to its use; especially, the amount owed to a lender in return for the use of the borrowed money [Black's Law Dictionary (7th Edn.) pp. 393-94 para 3...
Property
Property, an actionable claim against the tenants is undoubtedly a species of property which is assignable, State of Bihar v. Kameshwar Singh, AIR 1952 SC 252.Comprises every form of tangible property, even intangible, including debts and chooses in action such as unpaid accumulation of wages, pension, cash grants, and constitutionally protected privy purse, See M.M. Pathak v. Union of India, AIR 1978 SC 802.Decree is to be treated as property, Associated Hotels of India v. Jodha Mal Kuthiala, AIR 1950 Punj 201.Every movable property is included in the ordinary connotation of the word 'property', Chunni Lal v. State, AIR 1968 Raj 70.In commercial law this may carry its ordinary meaning of the subject-matter of ownership. But elsewhere, as in the sale of goods it may be used as a synonym for ownership and lesser rights in goods, Dictionary of Commercial Law by A.H. Hudson, (1983, Edn.).In Entry 42, List III (Constitution of India) includes the power to legislate for acquisition of an un...
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