Cit V A P - Law Dictionary Search Results
Processing
not sufficient for holding that the stored articles have undergone a process, Delhi Cold Storage Pvt. Ltd. v. Commissioner of Income Tax, New Delhi, AIR 1991 SC 2125. Processing, include the preservation of such products as canning, … Processing, in common parlance 'processing' is understood as an action which brings forth some change or alteration of the
Business
carrying on a particular trade or avocation, it may also include an activity which may be called 'quiescent', CIT v. Calcutta National Bank Ltd., AIR 1959 SC 928 (934): 1960 SCJ 980: (1959) 37 ITR 171: (1959) Supp … 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
Person
M.M. Ipoh v. Commissioner of Income Tax, AIR 1968 SC 317. Means: (i) an individual who is a citizen of India; (ii) an association of individuals or body of individuals, whether incorporated or not, whose members are … Person, a Hindu Undivided Family is a person, Kshetra Mohan-Sannyasi Charan Sadhukhan v. Commissioner of Excess Profit Tax, West
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Charitable purpose
carrying on of any activity for profit' which qualify or govern the last head of charitable purpose. In CIT v. Andhra Chamber of Commerce, (1965) 55 ITR 722, a case decided by the Supreme Court under the 1922 … Charitable purpose, includes relief of the poor, education, medical relief and the advancement of any other object of general public
Jurisdiction
the law; it is a power which nobody on whom the law has not conferred it can exercise, CIT v. Pearl Mech Engineering & Foundry Works (P) Ltd., AIR 2004 SC 2345: (2004) 4 SCC 597 (603). (Income-tax
Plant
338 (344): (1986) 1 SCC 11. (Income-tax Act, 1961, s. 32) Theatre building cannot be considered a plant, CIT v. Raiban & Sons, (2002) 10 SCC 381: AIR 2002 SC 443. (Income Tax Act, 1961, s. 32) The … Plant, has been defined as the tools, machinery, fixtures, buildings, grounds, etc. of a factory or business; the apparatus
Service
it is communicated, may, if aggrieved, seek redress in a higher forum in the manner prescribed by law, Commissioner of Sales Tax v. MangalSen Shyam Lal, AIR 1975 SC 1106 (1110): (1975) 4 SCC 35: (1975) Supp … owes to his lord. There are many divisions of this duty in our ancient law books, as into personal and real, which is either urbane or rustic, free and base, continua land annual, casual and accidental, intrinsic
Education
developing the knowledge, skill, mind and character of students by formal schooling, Sole Trustee, Loka Shikshana Trust v. Commissioner of Income Tax, (1976) 1 SCC 254: AIR 1976 SC 10: (1976) 1 SCR 863. [Income Tax Act, … Education. Mr. Forster's Elementary Education Act, 1870 (English) (33 & 34 Vict. c. 75), is the starting point in the history of the provision by legislation of a general system of education. Before this date education
Debenture
owe] may be defined generally as a charge in writing [not necessarily sealed, see British India, etc., Co. v. Commissioners of Inland Revenue, (1881) 7 QBD 165] of certain pro-perty with the repayment at a time fixed … necessarily sealed, see British India, etc., Co. v. Commissioners of Inland Revenue, (1881) 7 QBD 165] of certain pro-perty with the repayment at a time fixed of money lent by person therein named at a given interest,
Firm
and the name under which their business is carried on is called the 'firm name', Dulichand Laxminarayan v. Commissioner of Income Tax, AIR 1956 SC 354: 1956 SCR 154. (ii) 'Firm' is defined in s. 2(9) of … a firm is not a legal entity. It is only a collective or compendious name for all the partners. In other words, a firm does not have any existence away from its partners. A decree in favour
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