Business - Law Dictionary Search Results
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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...
Controlled business
Controlled business, the definition of 'controlled business' contemplates two kinds of insurers--(i) insurers who carry on life business only, and (ii) insurers who carry on composite business, that is to say certain other business which does not ex facie come within controlled business, Under sub-clause (a) of s. 2(3)(i) controlled business covers the entire life business of an insurer if he carries on no other class of insurance business and under sub-clause (b) all the business appertaining to his life insurance business is included if he is a composite insurer. The controlled business in either case is intended to embrace all the business concerning life insurance. In the first case it means the whole of the business of the insurer and in the second case the part which comes within the life businessbut not other, National Insurance Co. Ltd. v. Life Insurance Corporation of India, AIR 1963 SC 1911 (1913): (1964) 2 SCR 182. [Life Insurance Corpora-tion Act, (31 of 1950), s. 2(3)(i) E...
Business of the House
Business of the House, in the House of Commons, it is not rigidly fixed. The Office of the Speaker in the Parliaments of Commonwealth -- Philip Laundy, p. 64.Business of the House, in the Indian Parliament, the business of the House is divided into (1) Government business, (2) Private Member's business; Practice and Procedure of Parliament, M.N. Kaul and S.L. Shakdher, 5th Edn., 2001, p. 407.Business of the House, means the relative order of all the items of business in the House of a legislature to be taken upon a particular day. The office of the Speaker in the Parliaments of Commonwealth, Philip Laundy, p. 64.Business of the House, consists of Government business, Private member's business and the business transacted in opposition time, Parliamentary Practice Erskine May, 22nd Edn., 1997, pp. 270 and 271....
Place of business
Place of business, includes a warehouse godown or other place where a dealer stores his goods and any place where the dealer keeps his books of accounts. [Maharashtra Value Added Tax Act, 2002, s. 2(18)]Place of business, includes--(i) in any case where a dealer carries on business through an agent by (whatever name called), the place of business of such agent;(ii) a warehouse, godown or other place where a dealer stores his goods; and(iii) a place where a dealer keeps his books of account. [Central Sales Tax Act, 1956 (74 of 1956), s. 2 (dd)]Place of business, means any place where a dealer carries on business and includes:(a) a warehouse, godown or other place where a dealer stores or processes his goods;(b) any place where a dealer produces or manufactures goods;(c) any place where a dealer keeps his book of account,(d) any vehicle or vessel or any other carrier where in the goods are stored or used for transporting the goods;(e) any place of business of any agent by whatever name c...
Carries on business
Carries on business, the mere fact that the expression, 'carries on business' is used along with the other expressions, does not mean that it would apply only to such persons to whom the other two expressions regarding residence or of personally working for gain would apply, Union of India v. Ladulal Jain, AIR 1963 SC 1681 (1683). [Constitution of India, Arts. 298, 300]Carries on business, as enumerated and 'personally works for gain' connotes two different meanings. The phrase 'carries on business' under s. 62(2) at a certain place would mean having an interest in a business at that place, a voice in what is done a share in the gain or loss and some control thereon. Such business may be carried at the place through an agent or a manager through a servant, Jay Engineering Works Ltd. v. Ramesh Aggarwal, MIPR, 2007 (1) 6058 (Del).Carries on business, in a particular commodity must depend upon the volume, frequency, continuity and regularity of transactions of purchase and sale in a class...
For the purpose of the business
For the purpose of the business, the expression 'for the purpose of the business' is essentially wider than the expression 'for the purpose of earning profits.' It covers not only the running of the business or its administration but also measures for the preservation of the business and protection of its assets and property. It may legitimately comprehend many other acts incidental to the carrying on of the business, CIT v. Birla Cotton SPG & WVG Mills Ltd., (1971) 3 SCC 344: AIR 1972 SC 19 (21). [Income-tax Act, 1922, s. 10(2) (xv)]For the purpose of the business, The expression 'for the purpose of the business' is wider in scope than the expression 'for the purpose of earning profits'. Its range is wide: it may take in not only the day to day running of a business but also the rationaliza-tion of its administration and modernization of its machinery; it may include measure for the preservation of the business and for the protection of its assets and property from expropriation, coer...
Business names
Business names. The (English) Registration of Business Names Act, 1916, necessitates the registration of every firm or person carrying on business in the United Kingdom unless carried on in their true names. 'Business' includes profession. The Act imposes penalties for any period of non-registration or fraud when furnishing any statement required by the Act. S. 8 provides that any firm or person, in default of registration, shall be unable to enforce contracts made in relation to the business in respect of which the default has been made. Provisions are, however, made for obtaining relief in certain cases. Firms and persons obliged to register under the Act must set out in trade catalogues, business letters, etc., the true name or names of the person or persons trading under the business name. The fees payable on registration have been increased by s. 5 of the (English) Fees Increase Act, 1923. See also the (English) Companies Act, 1929, s. 145, which applies and extends the provisions...
Same business
Same business, the business of the company of deal-ing in shares and the business of manufacturing sugar and other commodities constitute the same business within the meaning of s. 24(2) of the Indian Income-tax Act, 1922, Standard Refinery and Distillery Ltd. v. Commissioner of Income Tax, AIR 1971 SC 2293: (1971) 1SCC 315: (1971) 3 SCR 378.In determining whether two lines of business constitute the 'same business' within the meaning of s. 24(2) of the Income-tax Act, the Income-tax authorities must consider the inter-connection, inter-lacing, inter-dependence and unity furnished by the existence management, common business organisation ,common administration, common Fund and a common place of business, Standard Refinery and Distillery Ltd. v. CIT, AIR 1970 SC 1379 (1380). [Income Tax Act, 1922, s. 24(2)]...
The closure of the place of business and not itself
The closure of the place of business and not itself, the distinction between a lockout and a closure has been explained by the decision of this Court in the Management of Express Newspapers Ltd. v. Workers and Staff employed under it, AIR 1963 SC 569: (1963) 3 SCR 540. It was pointed out in that case that in the case of a closure the employer does not merely close down the place of business but he closes the business itself finally and irrevocably. A lock-out on the other hand indicates the closure of the place of business and not closure of the business itself. It is now well-established that in the case of a closure the employer does not merely close down the place of business but he closes the business finally and irrevocably, Tatanagar Foundry Co. Ltd. v. Their Workmen, AIR 1970 SC 1960: (1969) 3 SCC 464: (1970) 3 SCR 8....
Administrative business
Administrative business, the business of managing conducted in private by persons having complete discretion, as distinguished from judicial business, which is conducted in Court under specific rules as to evidence, etc. In the Chancery Division the term is used an meaning that portion of the business of the Court which consists of executing the trusts of deeds and wills and deciding the numerous questions which arise in connection therewith, as distinguished from the 'contentious' business of the Court, which means hostile litigation between parties. Formerly also certain business transacted at Quarter Sessions now transferred to County Councils by s. 3 of the Local Government Act, 1888....
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