Capital Goods - Law Dictionary Search Results
Home Dictionary Name: capital goodsCapital goods
Capital goods, include all types of properties including consumable raw material, components etc. Capital goods become capital goods when used in the manufacture of products. Every Capital asset is not capital good, C.C.E. v. Ginni Filaments Ltd., (2005) 3 SCC 378 (388).Means plant, mechiners and equipment used in trade or manufacturing of goods, [Manipur University Act, 2005, s. 2(e)]Is very wide. Capital goods can be machines, machinery, plant, equipment, apparatus, tools or appliances, Commissioner of Central Excise, Coimbatore v. Jawahar Mills Ltd., (2001) 6 SCC 274.Means--(a) machines, machinery, plant, equipment, apparatus, tools or appliances used for producing or processing of any goods or for bringing about any changes in any substance for the manufacture of final products;(b) components, spare parts and accessories of the aforesaid machines, machinery, plaint, equipment, apparatus, tools or appliances used for aforesaid purpose; and(c) moulds and dies, generating sets and wei...
Capital goods required for manufacture of
Capital goods required for manufacture of, means goods which are used in the manufacture of that product and also goods which would be required for manufacture or production of other goods including packaging machinery and equipments, Pankaja v. Yellappa, (2004) 6 SCC 408....
Goods
Goods, Computer programs are the product of an intellectual process, but once implanted in a medium they are widely distributed to computer owners. An analogy can be drawn to a compact-disc recording of an orchestral rendition. The music is produced by the artistry of musicians and in itself is not a 'good', but when transferred to a laser-readable disc it becomes a readily merchant-able commodity. Similarly, when a professor deliv-ers a lecture, it is not a good, but, when transcribed as a book, it becomes a good. That a computer program may be copyrightable as intellectual property does not alter the fact that once in the form of a floppy disc or other medium, the program is tangible, moveable and available in the marketplace. The fact that some programs may be tailored for specific purposes need not alter their status as 'goods' because the Code definition includes 'specially manufactured goods', Advent Systems Ltd. v. Unisys Corpn., 925 F. 2d 670 3dCir 1991. Associated Cement Compa...
Capital offences
Capital offences, those crimes upon conviction of which the offender is condemned to be hanged. The only crimes now punishable with death are high treason; murder; destruction of H. M. Ships, arsenals, etc. (12 Geo. 3, c. 24); piracy when accompanied by attempted murder [(English) Piracy Act, 1837 (7 Wm. 4 & 1 Vict. c. 88) s. 2]. See PIRACY.Originally all felonies were capital, but early in the 19th century, mainly through the exertions of Sir Samuel Romilly, the severity of the law was mitigated by rapid steps in this respect. Larceny in a dwelling-house up to the value of 40s. was long a capital offence, with the result that juries, to save a prisoner's life, would often falsely find that valuable goods stolen were of the value of 39s.Sentence of death cannot be pronounced on or recorded against a young person under 18. [Children and Young Persons Act, 1933 (23 & 24 Geo. 5, c. 12), s. 53]...
Capital
Capital [fr. Capitalis; caput, Lat.]. The corpus of property of any description which may or may not be the source of a periodical or other return (fructus, produce or income). The word 'capital' when employed in Company Law is used in different senses. Nominal capital is the capital of a company so stated for the purposes of division into shares. It implies nothing more than that the company is possessed of money or assets of a stated value at the company's own valuation which may be, and often is, exaggerated or illusory. Working capital means the amount employable for the purposes of a company or any other undertaking or business. See ALTERATION OF CAPITAL, COMPANY, PROSPECTUS, DIRECTORS. In the Settled Land Act, 1925, capital money arising under the Act means capital money arising under the powers or provisions of that Act or Acts which it replaces, receivable for the purposes of a settlement and includes securities representing capital money. Elaborate provisions are contained in ...
capitalization
capitalization 1 : the act or process of capitalizing [ of earnings] 2 : a sum resulting from a process of capitalizing ;esp : paid-in capital at capital [inadequate ] 3 : total capital liabilities of a business including both equity capital and debt capital NOTE: Equity capital is considered a liability because the investors may recall some or all of it (as by redeeming stock). Inadequate capitalization of a business is considered by courts in cases dealing with equitable subordination of creditors or piercing the corporate veil. 4 : the total par value or the stated value of no-par issues of authorized capital stock ...
capitalize
capitalize -ized -iz·ing 1 a : to convert into capital [ the company's earnings] b : to treat as a capital expenditure rather than an ordinary and necessary expense [the cost of the merger must be capitalized] 2 a : to compute the present value of (an income extended over a period of time) compare amortize b : to convert (a periodic payment) into an equivalent capital sum [capitalized annuities] 3 : to supply capital for [had capitalized the business with her own savings] ...
Capital and revenue receipt
Capital and revenue receipt, distinction between revenue and capital in the law of income tax is fundamental. Tax is ordinarily not levied on capital profits; it is levied on income. It is well-settled that sale of stock-in-trade or circulating capital or rendering service in the course of trading results in a trading receipt; sale of assets which the assessee uses as fixed capital to enable him to carry on his business results in capital receipt, C.I.T. v. Maheshwari Devi Jute Mills Ltd., AIR 1965 SC 1974: (1965) 3 SCR 765: AIR 1965 SC 1974 (1976). [Income-tax Act, 1922, s. 4(1)]...
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...
Alteration of share capital
Alteration of share capital. Under the (English) Companies Act, 1929, the share capital of a company may be altered by increase (s. 53), consolidation or division, conversion of shares into stock and reconversion or cancellation of unissued capital (s. 50), or redemption of redeemable preference shares (s. 46). The alteration must be authorized by the Articles, and the memorandum modified. A company cannot make an original issue of stock (Home & Foreign Investment and Agency Co., (1912) 1 Ch 72, and subject to confirmation by the Court a company may reduce its capital by special resolution for reducing share capital and consequential alteration of the memorandum. The words 'and reduced' need not be added to the name of the company unless the Court so orders (ss. 55-60). As a rule in all these cases the alteration must be notified to the Registrar of Joint Stock Companies (s. 5), and, in the case of reduction, registered by him (s. 58)....
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