Company [fr. compagnia, Ital., which word is still printed on Bank of England notes as 'compa'], a body of persons associated for purposes of busi-ness, sometimes, but not now so frequently as some years ago, styled a Joint Stock Company.A company has its origin either (1) in a charter, as the Bank of England and many insurance companies; or (2) in a special Act of Parliament, with which, as authorizing an undertaking of a public nature such as a railway, the Companies Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 16), is necessarily incorporated; or (3) in registration under the Companies Acts, 1862 and subsequent Acts, now consolidated into the (English) Companies Act, 1925 (19 & 20 Geo. 5, c. 23).By s. 13 of the Act of 1925 (1) on the registration of the memorandum of a company the registrar shall certify under his hand that the company is incorporated and, in the case of a limited company, that the company is limited. (2) From the date of incorporation mentioned in the certificat...
power 1 : capability of acting or of producing an effect [parties of unequal bargaining ] 2 a : authority or capacity to act that is delegated by law or constitution often used in pl. commerce power often cap C&P : the power delegated to Congress under Article I, Section 8 of the U.S. Constitution to regulate commerce esp. among the states see also commerce clause concurrent power : a power that is held simultaneously by more than one entity ;specif : a power delegated to the federal government by the U.S. Constitution that is also held by the states enu·mer·at·ed powers [i-nü-mə-rā-təd-, -nyü-] : the powers specifically named and delegated to the federal government or prohibited to be exercised by the states under the U.S. Constitution compare reserved powers in this entry executive power : the power delegated to the executive of a government ;specif : any or all of the powers delegated to the president under Article II of the U.S...
Gift. The old text-writers made a gift (donatio) a distinct species of deed, and describe it as a conveyance applicable to the creation of an estate-tail; while a feoffment they strictly confine to the creation of a fee simple estate. The operative verb was 'give,' which no longer implies any covenant in law (Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 4), replaced by the Law of Property Act, 1925, s. 59(2), and the deed required livery of seisin. It is obsolete. See Jac. Law Dict.A gift is now understood to mean a mere voluntary assurance or transfer of property without any consideration being given for it. Such a transaction is apt to be very jealously scrutinized in a Court of Equity, and will be set aside on proof of undue influence (see that title), or of a fiduciary relationship of the donee to the donor, see Huguenin v. Baseley, (1806-8) 14 Ves 273; W. & T. L.C.; Morley v. Loughman, (1893) 1 Ch 736 (757); Lyon v. Home, (1868) LR 6 Eq 655. In the absence of any such objectio...
Power, in respect of court the word 'power' means an authority expressly or impliedly conferred on the court by law to do that which without that sanction it could not have done, consent cannot give jurisdiction, K.E. v. Vithu, (1899) 1 Bom LR 157.Power, is an authority reserved by, or limited to, a person to dispone, either wholly or partially, of movable or immovable property, either for his own benefit or for that of others. The word is used as a technical term and is distinct from the dominion which a man has over his own estate by virtue of ownership, Stroud's Judicial Dictionary.Power, is not synonymous with jurisdiction, K.E. v. Vithu, (1899) 1 Bom LR 157.Power, may be general or implied. The general powers are such as the donee can exercise in favour of such person or persons as he pleases, including himself, Mahadeo Ramchandra v. Damodar Vishwanath, AIR 1957 Bom 218.Means any form of energy which is not generated by human or animal agency. [The Gujarat Lifts and Escalators Act...
Annuity, in order to constitute an annuity, the payment to be made periodically should be a fixed or predetermined one, and it should not be liable to any variation depending upon or on any ground relating to the general income of the fund or estate which is charged for such payment, CWT v. P. K. Banerjee, (1981) 1 SCC 63 (75): AIR 1981 SC 401. [Wealth-Tax Act, 1957, s. 2(e)(1)(iv)]It is a right to receive a specified sum and not an aliquot share in the income arising from any fund or property. Ordinarily an annuity is a money payment of a fixed sum annually made and is a charge personally on the grantor, CWT v. Arundhati Balkrishna, (1970) 1 SCC 561 (565): AIR 1971 SC 915. [Wealth Tax Act, 1957, s. 2(e)(iv)]An annuity is a fixed sum payable annually either in perpetuity or for any less period. When charged upon land either freehold or leasehold both, exclusively of purely personal estate, it is strictly a rent charge; see (English) Real Property Limitation Act, 1833 (3 & 4 Will. 4, c....
Assessing Officer, means the Deputy Commissioner of Income-tax or the Assistant Commissioner or the Income-tax Officer who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-s. (1) or sub-s. (2) of s. 120 or any other provision of the Income-tax Act which apply for the purposes of wealth-tax under s. 8 of this Act and also the Joint Commissioner who is directed under clause (b) of sub-s. (4) of the said s. 120 to exercise or perform all or any of the powers and functions conferred on or assigned to the Assessing Officer under that Act. [Wealth-tax Act, 1957 (27 of 1957), s. 2 (ca)]...
Having regard to, the expression is not 'having regard only to' but 'having regard to'. These words are not a fetter; they are not words of limitation, but of general guidance to make an estimate, Sitaram Sugar Co. Ltd. v. Union of India, AIR 1990 SC 1277 (1290): (1990) 3 SCC 223. [Essential Commodities Act (10 of 1955), s. 3(3C)]It indicates that in exercising the power, regard must be had also to the factors enumerated together with all factors relevant for exercise of that power, India Cement Ltd. v. Union of India, AIR 1991 SC 724 (730): (1990) 4 SCC 356.The words 'having regard to' used in the section do not restrict the consideration only to two matters indicated in the section as it is impossible to arrive at a conclusion as to reasonableness by considering only the two matters mentioned isolated from other relevant factors. It is neither possible nor advisable to lay down any decisive tests for the guidance of the Income-tax Officer. The satisfaction depends upon the facts of e...
May, Prima facie the word 'may' must be given its ordinary and natural meaning. Primarily it is permissive in its meaning and until the contrary is established the word 'may' in section 6 of the Criminal (Amendment) Act could be read to mean that 'It shall be lawful'. There is nothing in the provisions of the Act, which would compel a court to give to the word 'may' in section 6 of the Act a meaning other than its ordinary meaning and to interpret it as 'shall', State v. Surajdeo Sinha, 1953 BLJR 571: 1954 Cr LJ 139: 1954 Pat 80.The word 'may' does not always import that the matter is discretionary with the court in exercising its functions. Similarly, 'shall' sometimes imports that the matter is entirely discretionary with the court in exercise of its functions, State of Uttar Pradesh v. Jogendra Singh, 1963 SC 1613; State of Uttar Pradesh v. Manbodan Lal, 1957 SC 912; Kamar Singh v. Delhi Administration, 1965 SC 971; Banwari Lal v. State of Bihar, 1961 SC 849; Narayana Rao v. State o...
Individual, means 'single, particular, special; not general, having a distinct character, characteristic of a particular person, designed for use by one person, a single member of a class, a single human being as distinct from a family or group, a person (a most unpleasant individual). (Concise Oxford Dictionary), C.I.T. v. Om Prakash, (1999) 6 SCC 349.The words 'individual' in s. 3 of the Income-tax Act, 1922 includes with its connotation all artificial juridical persons, Jogendra Nath Naskar v. CIT, AIR 1969 SC 1089 (1094): (1969) 1 SCC 555. (Income-tax Act, 1922, s. 3)When s. 16(3) talks of an 'individual' it is only in a restricted sense that the word has been used. The section only talks of 'individual' capable of having a wife or minor child or both. It therefore necessarily excludes from its purview a group of persons forming a unit or a corporation created by a statute and is confined only to human beings who in the context would be comprised within that category, CIT v. Sodra ...
Business, 'business' is a word of wide import. It has no definite meaning. Its perceptions differ from private to public sector or from institutional financing to commercial banking, Mahesh Chandra v. Regional Manager Uttar Pradesh Financial Corpn., AIR 1993 SC 935 (939): (1993) 2 SCC 279. [State Financial Corporation Act, (63 of 1951), s. 24]--Business would undoubtedly be property, unless there is something to the contrary in the enactment, J.K. Trust Bombay v. CIT, (1958) SCR 65: 1957 SCJ 845: AIR 1957 SC 846.Business includes the activities carried on by any public body, Halsbury's Laws of England, Vol. 20, 4th Edn., Para 546, p. 357. The term 'business' includes every trade, occupation and profession. The word 'business' has no technical meaning, but is to be read with reference to the subject and intent of the Act in which it occurs. The term 'business' means an affair requiring attention and labour as the chief concern; mercantile pursuits, that one does for livelihood, occupati...