Carrying - Law Dictionary Search Results
Home Dictionary Name: carryingCarries 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...
Carried on by him
Carried on by him, the fundamental idea under-lying each of these words i.e. under s. 10 of the Income-tax Act,1922 tax is payable by an assessee 'in respect of the profits or gains of any business, profession or vocation carried on by him.' 'Business' is defined by s. 2, sub-s. (4) as 'including any trade, commerce or manufacture, or any adventure or concern in the nature of trade, commerce or manufacture' is the continuous exercise of an activity and the same central idea is implicit in the words 'carried on by him' occurring in s. 10(1) and those critical words are an essential constituent of that which is to produce the taxable income. Therefore, it is clear that the tax is payable only in respect of the profits or gains of the business which is carried on by the assessee, Liquidators of Pursa Ltd. v. Commissioner of Income Tax, (1954) SCR 767: AIR 1954 SC 253. The phrase 'carried on by him' in s. 10(1) of the Indian Income-tax Act, 1922 connotes the fundamental idea of the continu...
Carry on trade
Carry on trade, whether trade is carried on by a person at a given place must be determined on a consideration of all the circumstances. No test or set of tests which is or are decisive for all cases can be evolved for determining whether a person carries on trade, at a particular place. Ancillary activities would not amount to carrying on trade within the State, State of Punjab v. Bajaj Electricals, AIR 1968 SC 739 (741): (1968) 2 SCR 536. [Punjab Professions, Trades, Callings and Employment Taxation Act, (7 of 1956), s. 3]...
Carried out
Carried out, works of improvement if he either physically carried out the works of improvement if he either physically carried out the works himself or arranged, Durley House Ltd. v. Cadogan (Ch. D), (2002) 1 WLR 246 [Landlord and Tenant Act, 1954, s. 34(2)]...
Carrying on business
Carrying on business, the activities which constitute carrying on business need not necessarily consist of activities by way of trade, commerce or manufacture or activities in the exercise of a profession or vocation. They may even consist of rendering services to others which services may be of a variegated character. The objects of an incorporated company as laid down in the Memorandum of Association are certainly not conclusive of the question whether the activities of the company amount to carrying on a business, Lakshminarayan Ram Gopal and Son Ltd v. Govt. of Hyderabad, AIR 1954 SC 364 (368)....
In the course of carrying on the business etc
In the course of carrying on the business etc., the expression 'in the course of carrying on of business etc.' means that the gift should have some relationship with the carrying on of the business. If a donor makes a gift only while he is running the business that may not be sufficient to bring the gift within the first part of cl. (xiv) of s. 5(1) of the Gift Tax Act, Commissioner of Gift Tax v. P. Gheevarghese, Travancore Timbers and Products, AIR 1972 SC 23: (1972) 4 SCC 323: (1972) 1 SCR 817....
Not involving the carrying on of any activity of profit
Not involving the carrying on of any activity of profit, as a result of the addition of the words 'not involving the carrying on of any activity for profit' in the present definition over that in the 1922 Act in order to bring a case within the fourth category of charitable purpose, it would be necessary to show that (1) the purpose of the trust is advancement of any other object of general public utility, and (2) the above purpose does not involve the carrying on of any activity for profit. Both the above conditions must be fulfilled before the purpose of the trust can be held to be charitable purpose. Sole Trustee Loka Shikshana Trust v. Commissioner of Income Tax, AIR 1976 SC 10: (1976) 1 SCC 254: (1976) 1 SCR 461....
Carry on business
Carry on business, denote something of a permanent character, not merely an isolated transaction, and a business is carried on only where there is some degree of management or control, Brown v. London and North-Western Rly Co., (1863) 32 LJQB 318 (UK) Halsbury's Laws of England, Vol. 3, para 27, p. 24....
Stay proceedings to carry out Arbitration agree-ment
Stay proceedings to carry out Arbitration agree-ment, the legal position with respect to the scope and meaning of s. 34 of the Arbitration Act admits of little doubt, the language of this s. being quite plain. When a party to an arbitration agreement commences any legal proceedings against any other party to the said agreement with respect to the subject-matter thereof, then the other party is entitled to ask for such proceedings to be stayed so to enable the arbitration agreement to be carried out. It is, however to be clearly understood that the mere existence of an arbitration clause in an agreement does not by itself operate as a bar to a suit in the court. It does not by itself impose any obligation on the court to stay the suit or to give any opportunity to the defendant to consider the question of enforcing the arbitration agreement, State of Uttar Pradesh v. Janki Saran Kailash Chandra, AIR 1973 SC 2071 (2075): (1973) 2 SCC 96: (1974) 1 SCR 31....
Carry over
Carry over, a term used in the Stock Exchange to denote the process of postponing the completion of a contract, either for the purchase or sale of stocks or shares, to a later date than that originally fixed. When this happens the buyer usually pays the seller interest on the capital involved, the seller retaining the stocks or shares till the transaction is ultimately completed. This interest is called a 'contango.' If, on the other hand, the buyer is anxious to pay for and take up to stocks or shares but the seller is unable to deliver, the buyer would not pay interest to the seller, but on the contrary exacts a payment from him, as consideration for postponing the completion of the contract. This payment is called a 'backwardation,' or shortly a 'back.'An income-tax deduction (esp. for a net operating loss) that cannot be taken entirely in a given period but may be taken in a later period (usu. the next five years), Black's Law Dictionary, 7th Edn....
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