Capitation Fee Profiteering - Law Dictionary Search Results
Home Dictionary Name: capitation fee profiteeringCapitation fee, Profiteering
Capitation fee, Profiteering', though private institution has right to fix its own fee structure there can be no profiteering and capitation fees cannot be charged. Islamic Academy of Education v. State of Karnataka, (2003) 6 SCC 697: AIR 2003 SC 3724. [Constitution of India Arts. 19(1)(g), 4(6), 26 and 30(1)]...
Capitation fee
Capitation fee. A fee for each person dealt with by the person who receives it; as where a schoolmaster, in addition to his salary, or instead of it, is paid one pound per annum for each boy in the school.'Capitation fee' means charging or collecting amount beyond what is permitted by law, Unni Krishnan J.P. v. State of Andhra Pradesh, AIR 1993 SC 2178 (2247): (1993) 1 SCC 645...
Fixed capital and circulating capital
Fixed capital and circulating capital, fixed capital is something which the owner keeps in his possession but turns to profit; circulating capital, however, is turned over in the process of profit-making, Karanpura Development Co. Ltd. v. CIT, AIR 1962 SC 429 (433): 1962 3 SCR 368....
Fixed capital
Fixed capital, 'fixed capital' as what the owner turns to profit by keeping it in his own possession and 'circulating capital' as what he makes profit of by parting with it and letting it change masters, Sutlej Cotton Mills Ltd. v. Commissioner of Income Tax, AIR 1979 SC 5 (9): (1978) 4 SCC 358: (1979) 1 SCR 976....
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...
profit
profit 1 : gain in excess of expenditures: as a : the excess of the selling price of goods over their cost b : net income from a business, investment, or capital appreciation compare earnings, loss 2 : a benefit or advantage from the use of property see also mesne profits, profit a prendre compare easement, right of way, servitude ...
Excess profits duty
Excess profits duty, a duty imposed by the Finance (No. 2) Act, 1915 (ss. 38-45), on such profits as a business made in a year which were more than 200l. in excess of those made prior to 4th August, 1914, or, in the case of a business established since that date, on profits which exceeded a percentage on the capital employed. The duty was abolished by the (English) Finance Act, 1921....
Undivided profits
Undivided profits, the amount designated as 'Undivided profits' is a part of the reserves and has to be taken into account when computing the capital and reserves within Rule 2(1) of Schedule II of the Act, First National City Bank v. CIT, AIR 1961 SC 812: (1961) 3 SCR 371. [Business Profits Tax Act, 1947, Sch. II, Rule 2(1)]...
Capital expenditure and revenue expenditure
Capital expenditure and revenue expenditure, in cases where the expenditure is made for the initial outlay or for extension of a business or a substantial replacement of the equipment, there is no doubt that it is 'capital expenditure'. If on the other hand it is made not for the purpose of bringing into existence any such asset or advantage but for running the business or working it with a view to produce the profits it is a 'revenue expenditure', Assam Bengal Cement Co. v. C.I.T, AIR 1955 SC 89 (96). [Income-tax Act, 1922, s. 10(2)(xv)]...
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