Actual Cost - Law Dictionary Search Results
Home Dictionary Name: actual costActual cost of an asset
Actual cost of an asset, the 'actual cost' referred to is not the actual cost as originally determined at the time of acquisition. Actual cost may be subject to certain modifications and alterations Saharanpur Electric Supply Co. Ltd. v. CIT (1992) 2 SCC 736 (750): (1992) 1 SCR 117....
Actual cost
Actual cost, The accepted accountancy rule for determining the cost of fixed assets is to include all expenditure necessary to bring such assets into existence and to put them in working condition. In case money is borrowed by a newly started company which is in the process of constructing and erecting its plant, the interest incurred before the commencement of production on such borrowed money can be capitalised and added to the cost of the fixed assets which have been created as a result of such expenditure. The above rule of accountancy should, in our view, be adopted for determining the actual cost of the assets in the absence of any statutory definition or other indication to the contrary, Challapalli Sugar Limited v. Commissioner of Income Tax, (1975) 3 SCC 572: AIR 1975 SC 97 (101)....
cost plus
determining payment based on the actual cost of production plus an agreed upon fee or rate of profit as a cost plus government contract...
Costs-direct (flight)
Costs-direct (flight), means, in respect of a flight, the costs actually and necessarily incurred in connection with that flight without a view to profit but excluding any remuneration payable to the pilot for his services as such, Air Navigation Order, 1989, SI 1989/2004, Art. 106(1) (UK) Halsbury's Laws of England, Vol. 2, para 1274, p. 629....
Direct costs (flight)
Direct costs (flight), means, in respect of a flight the costs actually and necessarily incurred in connection with that flight without a view to profit but excluding any remuneration payable to the pilot for his services as such, Air Navigation Order 1989, SI 1989/2004, Art. 106(1) Halsbury's Laws of England (2), para 1274, p. 629...
Costs-annual (aircraft operation)
Costs-annual (aircraft operation), in relation to the operation of an aircraft means the best estimate reasonably practicable at the time of a particular flight in respect of the year commencing on the first day of January preceding the date of the flight, of the costs of keeping and maintaining and the indirect costs of operating the aircraft, such costs in either case excluding direct costs and being those actually and necessarily incurred without a view to profit, Air Navigation Order, 1989, SI 1989/2004, Art. 106(1) (UK) Halsbury's Laws of England, Vol. 2, para 1274, p. 624....
Actual value
Actual value, the expression 'actual value' occurring in the scheme means the market value and not the cost to the corporation, Aluminium Corporation of India v. Union of India, (1983) 3 SCC 300: AIR 1983 SC 751 (752). [Emergency Risks (Factories) Insurance Act, 1962, s. 3]...
actual cash value
actual cash value 1 : the cost of replacing or repairing damaged property less any applicable depreciation 2 : fair market value ...
impute
impute im·put·ed im·put·ing 1 : to consider or calculate as a value or cost (as for taxation) ;broadly : to reckon as an actual thing [ a benefit from the use of the car] 2 in the civil law of Louisiana : to direct (payment) to principal or interest 3 : to attribute to a party esp. because of responsibility for another [ knowledge to his corporate superior] im·pu·ta·tion [im-pyə-tā-shən] n ...
Detinue
Detinue, an action by a plaintiff who seeks to recover the goods in specie, or on failure thereof the value and also damages for the detention. The grounds of the action are: (1) a property in the plaintiff, either absolute or special (at the time of action brought) in personal goods, which are capable of being ascertained; (2) a possession in the defendant by bailment, finding, etc.; (3) an unjust detention on the part of the defendant.The form of action of detinue was abolished by the Judicature Acts, but an action brought for the return of a specific chattel is still called an action of detinue. The vexed question as to whether detinue is or was founded on tort or contract is now only of importance in relation to costs, Bryant v. Herbert, (1878) 3 CPD 389] and in bankruptcy.As to the actual recovery of a chattel detained, see R. S.C. 1883, O. XLVIII., taken from (English) C.L.P. Act, 1852, s. 78, by which a writ of delivery may be issued ordering the sheriff to distrain upon the def...
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