Asset - Law Dictionary Search Results
Home Dictionary Name: asset Page: 4current assets
current assets Assets of a business that can be liquidated within a relatively short period of time ...
Equitable assets
Equitable assets, Assets which could only be made available to creditors in a Court of equity; legal, in a Court of law (Halsb. L.E.); the distinction is not of any importance in regard to deaths after 1925, see ss. 2(3) and 32 of the Administration of Estates Act, 1925. See EXECUTOR....
Such assets
Such assets, means 'those assets', CWT v. Kishan Lal Bubna, (1994) 1 SCC 60....
Distribution of capital assets
Distribution of capital assets, the expression 'distribution capital assets' in the third proviso to sub-s. (1) of, s. 12B of the Act, means distribution in specie and not distribution of sale proceeds, James Indersan v. C.I.T., AIR 1960 SC 751 (755): (1960) 3 SCR 167. [Income-tax Act, 1922, s. (12B)(i), Third Proviso]...
Current assets
Current assets, means bank balances and cash and includes such other assets or reserves as are expected to be realised in cash or sold or consumed within a period of not more than twelve months in the ordinary course of business, such as, stock-in-trade, amounts due from sundry debtors for sale of goods and for services rendered, advance tax payments and bills receivable, but does not include sums credited to a provided fund, a pension fund, a gratuity fund or any other fund for the welfare of the employees, maintained by a company owning an industrial undertaking. [Industries (Develop-ment and Regulation) Act, 1951 (65 of 1951), s. 3 (ab)]...
Capital assets
Capital assets, do not include lands from which the income derived is agricultural income, First ITO, Salem v. Short Brothers (p.) Ltd., (1966) 3 SCR 84: AIR 1967 SC 81 (85). [Income Tax Act (10 of 1922)]...
assets
assets any item with measurable value. Source: U.S. Department of Housing and Urban Development ...
basis
basis pl: ba·ses [-sēz] 1 : something (as a principle or reason) on which something else is established [the court could not imagine any conceivable for the statute] see also rational basis 2 : a basic principle or method ;esp : the principle or method by which taxable income is calculated NOTE: The Internal Revenue Code has set some limits on which method a taxpayer may use for figuring taxable income. For example, a corporation with gross receipts under $5,000,000 may be a cash-basis taxpayer. ac·cru·al basis : a method of accounting in which income and expenses are recorded in the period when they are earned or incurred regardless of when the payment is received or made called also accrual method cash basis : a method of accounting in which income and expenses are recorded in the period when payment is received or made called also cash method 3 : the value (as cost or fair market value) of an asset used in calculating capital gains or losses for inc...
gain
gain 1 : an increase in value, capital, or amount compare loss capital gain : a gain realized on the sale or exchange of a capital asset (as a stock or real estate) ca·su·al·ty gain : a gain realized by an insured because property insurance benefits paid for a loss from a casualty or theft are greater than the adjusted value of the insured asset long-term capital gain : a capital gain realized on the sale or exchange of an asset held for more than a specified period (as a year) ordinary gain : a gain from the exchange or sale of an asset that is not capital short-term capital gain : a capital gain realized on the sale or exchange of an asset held for less than a specified period (as a year) that is treated as ordinary income under federal income tax laws 2 pl in the civil law of Louisiana : a class of community property that reflects the increase in property value contributed by the common skill or labor of the spouses gain vb ...
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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