Ad Valorem - Law Dictionary Search Results
Home Dictionary Name: ad valoremAd valorem
Ad valorem, a term used in speaking of the duties or customs paid on certain goods (see e.g. (English) Import Duties Act, 1932 (22 Geo. 5, c. 8); the duties on some Articles are paid by the number, weight, measure, tale, etc., and those on others are paid ad valorem--that is, according to their value. The term is used also of stamp duties, which, in many cases--e.g., in the case of an award, a bill of exchange, a conveyance or transfer, and a lease--are payable under the Stamp Act, 1891, according to the value of the subject-matter of the particular instruments or writings. See STAMP DUTIES.The phrase 'ad valorem' appearing in the column 'rate of duty' in the Schedule appended to the Act refers to the value of the excisable goods and, therefore, it will have to be worked out by applying the formula as laid down in s. 4(4)(d) of the Central Excise Act, State of Goa v. Calfox Laboratories, (2004) 9 SCC 83 (98): AIR 2004 SC 45. [Central Excise Act, 1944, s. 4(4)(d)]...
ad valorem
ad valorem [Latin, according to the value] : imposed at a rate based on a percent of value [an ad valorem tax on real estate] ...
ad val
ad val ad valorem ...
Customs
Customs, duties charged upon commodities on their importation into, or exportation out of, a country. They seem to have existed in England before the Conquest, but the king's claim to them was first established by grant of Parliament in the reign of Edward I. These duties were at first, principally laid on wool, woolfels (sheep-skins) and leather when exported. There were also extraordinary duties paid by aliens both on export and import, which were denominated parva custuma, to distinguish them from the former, or magna custuma. The duties of tonnage and pound-age, of which mention is so frequently made in English history, were customs duties; the first being made onwine by the tun, and the latter being ad valorem duty of so much a pound on other merchandise. When these duties were granted to the Crown they were denominated subsidies, and as the duty of poundage had continued for a lengthened period at the rateof 1s. a pound, or five percent., a subsidy came, in the language of the cu...
Receipt
Receipt, an acknowledgment in writing of having received a sum of money, which is prima facie but not conclusive evidence of payment, Skaife v. Jackson, (1824) 3 B&C 421.The act of receiving something; a written acknow-ledgment that something has been received, Black's Law Dictionary, 7th Edn.A stamp duty first imposed in 1783 was progressively ad valorem, until 1853, when the uniform 1d. rate was imposed; this was increased to 2d. by the Finance Act, 1920.For the purposes of the Stamp Act, 1891, the expression 'receipt' is defined (s. 101) as including--(1) Any note, memorandum, or writing whereby any money amounting to two pounds or upwards, or any bill of exchange or promissory note for money amounting to two pounds or upwards, is acknow-ledged or expressed to have been received or deposited or paid, or whereby any debt or demand, or any part of a debt or demand, of the amount of two pounds or upwards, is acknowledged to have been settled, satisfied, or discharged, or which signifie...
Appropriation, powers of
Appropriation, powers of. The Administration of Estates Act, 1925, s. 41,has conferred on personal representatives a general power to appropriate any part of the real or personal estate (including things in action) of the deceased in its actual condition or state of investment at the time of appropriation in or towards satisfaction of any legacy or interest or share in his property as to the personal representative may seem just or reasonable having regard to the rights of the persons interested in that property subject to the consent of the person entitled to that part, or to the income (if the share is settled), or of his parent, guardian, committee or receiver if he is under incapacity owing to infancy or otherwise. No other consents are required and provision is made for dispensing with any consent. Any property when duly appropriated is to be treated as an authorized investment. An appropriation with consent under this Act is subjected to an ad valorem duty as a conveyance. Aliter...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
Plus
Plus, indicates that the rate of duty consists of two parts; one part is ad valorem duty and the other is the excise duty calculated according to the formula given, JK Steel Ltd. v. Union of India, AIR 1970 SC 1173.Plus, occurring between the two terms, i.e., the 'demand charges' and 'energy charges', has to be read as 'plus' and not as 'or', DD Axles Pvt. Ltd. v. MCD, (1995) 57 Del LT 469...
Tariff
Tariff [Span.], a cartel of commerce, a book of rates, a table or catalogue, drawn up usually in alphabetical order, containing the names of several kinds of merchandise, with the duties or customs to be paid for the same, as settled by authority or agreed on between the several States that hold commerce together.The Customs Tariff Act, 1876, consolidated the then Customs Duties, and some of the duties imposed by that Act are still in force.In 1932 there was a change in the fiscal policy of this country. By the Import Duties Act, 1932 (22 Geo. 5, c. 8), a general ad valorem customs duty of 10 per cent. was imposed on all imports with additional duties on special classes or descriptions of goods. But imports from Dominions were subject to special agreements and the Ottawa Agreements. The 1932 Act set up an Advisory Committee to make recommendations to the Treasury as to additional customs duties. Since this Act several further duties have been imposed. See CUSTOMS.The word 'tariff' has ...
Trust instrument
Trust instrument. Under the (English) Settled Land Act, 1925, s. 117 (1) (xxxi.) and s. 9, includes in relation to settled land, any instruments whereby the trusts of the settled land are declared other than a vesting instrument or vesting conveyance. By s. 4 (ibid.), the trust instrument constituting a settlement must, if made after 1925:(a) declare the trusts affecting the settled land;(b) appoint or constitute trustees of the settlement;(c) contain the power (if any) to appoint new trustees;(d) set out any intended addition to or enlargement of the statutory powers;(e) bear the proper ad valorem stamp which may be payable by virtue of the vesting deed or otherwise in respect of the settlement.And see also s. 9 as to settlements or instruments which are to be deemed to be trust instruments for the purposes of the Act, although not complying in form with the above-mentioned requirements.A purchaser for value in good faith is not affected by the contents of the trust instrument and is ...
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