Asset - Law Dictionary Search Results
Home Dictionary Name: asset Page: 6Plene administravit
Plene administravit (he has fully administered). A defence by an executor or administrator that he has fully administered all the assets that have come to his hands. If the defendant simply pleads plene administravit without any other defence, the plaintiff may apply under Ord. XXXII., Rule 6, to have judgment for his debt and costs of future assets quando acciderint; or he may take issue on the defence, and if successful obtain judgment to the extent of the existing assets against the defendant and of future assets quando acciderint for the residue of his debt. Bullen and Leake, Pr. Pl....
Capital gains
Capital gains, capital gains would be covered by the definition of 'income' in sub-s. (6C) of s. 2, only if they were chargeable under s. 12B. As noticed already, s. 12B as modified by the Finance Act 1949, did not charge any 'capital gains' arising between April 1, 1948, and April 1, 1957. Indeed s. 12B was not operative in these years (1948-57). During this period, 'capital gains', whether on the positive or the negative side, could not be computed and charged under s. 12B or any other provisions of the Act, Commissioner of Income-Tax (Central), Delhi v. Harprasad & Co. (P.) Ltd., (1975) 3 SCR 696: AIR 1975 SC 1282: (1975) 3 SCC 868.The goodwill generated in a newly commenced business cannot be described as an 'asset' within the terms of s. 45, and therefore its transfer is not subject to income tax under the head 'Capital gains', CIT, Bangalore v. B.C. Srinivasa Setty (1981) 2 SCR 938: (1981) 2 SCC 460: AIR 1981 SC 972.The profit realised when a capital asset is sold or exchanged, B...
replacement
replacement 1 a : the act of replacing : the state of being replaced b : an insurer's option under a policy to replace or repair damaged property rather than pay the insured for the loss 2 : something that replaces ;specif : a new fixed asset or portion of an asset that takes the place of one discarded (as because of deterioration) ...
derivative
derivative : a contract or security that derives its value from that of an underlying asset (as another security) or from the value of a rate (as of interest or currency exchange) or index of asset value (as a stock index) NOTE: Derivatives often take the form of customized contracts transacted outside of security exchanges, while other contracts, such as standard index options and futures, are openly traded on such exchanges. Derivatives often involve a forward contract. adj 1 : arising out of or dependent on the existence of something else compare direct 2 : of, relating to, or being a derivative [a transaction] de·riv·a·tive·ly adv ...
goodwill
goodwill 1 : an intangible asset that is made up of the favor or prestige which a business has acquired beyond the mere value of what it sells due to the personality or experience of those conducting it, their reputation for skill or dependability, the business's location, or any other circumstance incidental to the business that tends to draw and retain customers 2 a : the value of projected increases in the earnings of a business esp. as part of its purchase price b : the excess of the purchase price of a business above the value assigned for tax purposes to its other net assets NOTE: The Internal Revenue Code requires the purchaser of a business to allocate the purchase price among the various types of assets. Frequently the purchase price is greater than the sum of the values of the individual assets. The excess is labeled goodwill. Because of its indefinite life, goodwill is not amortizable as an asset. The purchaser will therefore usually try to keep the allocation to goodw...
Originator
Originator, means the owner of a financial asset which is acquired by a securitisation company or reconstruction company for the purpose of securiti-sation or asset reconstruction. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2(1)(r)]...
Interest on securities
Interest on securities, means interest on promissory notes or bonds issued by the Government of India or any other State Government or the interest on debentures or other securities issued by or on behalf of a local authority or company. It being a specific head of chargeability of tax, income from 'interest on securities' whether held as a trading asset or capital asset would have to be taxed under s. 8 and not under s. 10 of the Act, United Commer-cial Bank Ltd. v. Commissioner of Income Tax, AIR 1957 SC 918: (1958) SCR 79....
Depreciation
Depreciation, is an allowance for the diminution in the value due to wear and tear of capital asset employed by an assessee in his business, Union of India v. Savjiram, (2004) 9 SCC 312 (317).Means 'a decrease in value of property though wear, deterioration, or obsolescence, the allowance made for this in book-keeping, accounting, etc.' (Webster's New World Dictionary), Income Tax Commissioner v. Alps Theatre, AIR 1967 SC 1437 (1439). [Income Tax Act, 1922, s. 10(2)(vi)]It represents the diminution in value of a capital asset when applied to the purpose of making profit or gain, Workmen of National & Grindlays Bank Ltd. v. National & Grindlays Bank, AIR 1976 SC 611 (616)....
Winding-up
Winding-up, the process by which an insolvent estate is distributed, as far as it will go, amongst the persons having claims upon it. The term is most frequently applied to the winding-up of joint-stock companies.The property of a company is collected and distributed firstly in discharge of its liabilities, and secondly, among its members according to their respective rights with a view to its dissolution. If the assets are not sufficient to meet the liabilities, a company is usually wound up by the Court. In other cases the winding-up is usually voluntary and conducted by the company itself either with or without the supervision of the Court. The provisions of the (English) Companies Act, 1929, govern a winding-up in any of these three modes (s. 156). In any winding-up the members who may be called upon to contribute are ascertained and their liability determined under ss. 157-162; see CONTRIBUTORIES. Debts and claims of all kinds require to be proved and if not of certain value to be...
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...
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