Capital Goods - Law Dictionary Search Results
Home Dictionary Name: capital goods Page 1 of about 41 results (0.004 seconds)Capital 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...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
Share and debenture
Share and debenture, 'Share' has been defined in s. 2(46) of the Companies Act to mean a share in the share capital of a company which in turn would mean that it would represent contribution of the shareholder towards the share capital of the company. On the other hand, a debenture is an instrument of debt executed by the company acknowledging its receipt to repay the same at a specified rate and also carrying an interest. It is in sum and substance a certificate of loan or a bond evidencing the fact that the company is liable to pay a specified amount with interest and although the money raised by the debentures becomes a part of the company's capital structure yet it does not become a share capital. In any event, a debenture would not come within the purview of the definition of goods, inasmuch as, although the shares and stocks are included in the definition of goods but debentures are not, R.D. Goyal v. Reliance Industries Ltd., (2003) 1 SCC 81 (89).Sponte virum fugiens mulier et a...
loss
loss 1 : physical, emotional, or esp. economic harm or damage sustained: as a : decrease in value, capital, or amount compare gain b : an amount by which the cost of something (as goods or services) exceeds the selling price compare profit c : something unintentionally destroyed or placed beyond recovery d : the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability in the insurer under the terms of the policy NOTE: As a general rule, economic losses are deductible from adjusted gross income under section 165 of the Internal Revenue Code. There are, however, numerous exceptions and limitations. actual loss : the identifiable and calculable monetary detriment that is suffered or will be suffered as a result of an act or event actual total loss : a loss in marine insurance in which the property (as a vessel or cargo) cannot be repaired or recovered compare constru...
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]...
Overtrade
To trade beyond ones capital to buy goods beyond the means of paying for or selling them to overstock the market...
Village industry
Village industry, means:(i) any industry located in rural area which produces any goods or renders any service with or without the use of power and in which the fixed capital investment per head of an artisan or a worker does not exceed fifty thousand rupees or such other sum as may, by notification in the Official Gazette, be specified from time to time by the State Govern-ment:Provided that any industry specified in the schedule and located in an area other than a rural area and recognized as a village industry prior to coming into force of this Act shall notwithstanding anything contained in this sub-clause, continue to be a village industry under this Act.(ii) any other non-manufacturing unit established for the sole purpose of promoting, maintaining, assist-ing, servicing (including other units) or managing, any village industry.(iii) Any other industry specified in this behalf by the State Government, by notification in the Official Gazette, in consultation with the Board. [Gujar...
Social justice
Social justice, the concept of social justice has now become such an integral part of industrial law that it would be ideal for any party to suggest that industrial adjudication can or should ignore the claims of social justice in dealing with industrial disputes. The concept of social justice is not narrow, or onesided, or pedantic, and is not con-fined to industrial adjudication alone. Its sweep is comprehensive. It is founded on the basic ideal to socio-economic equality and its aim is to assist the removal of socio-economic disparities and in-equalities; nevertheless, in dealing with industrial matters, it does not adopt a doctrinaire approach and refuses to yield blindly to abstract notions, but adopts a realistic and pragmatic approach. It, therefore, endeavours to resolve the competing claims of employers and employees by finding a solution which is just and fair to both parties with the object of establishing harmony between capital and labour, and good relationship, J.K. Cotto...
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