Consequential Loss - Law Dictionary Search Results
Home Dictionary Name: consequential lossconsequential loss
consequential loss see loss ...
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...
Consequential damages
Consequential damages. or loss usually refers to pecuniary loss consequent on pshysical damage. Such as loss of profit sustained due to fire damage in a factory. It is most frequently encountered in contracts and insurance policies when its meaning is a matter of construction. When used in an exemption clause in a contract, consequential refers to damage which is only recoverable, Hadley v. Baxendale, (1854) 9 Exch 341. See also DAMAGES....
Income
Income, s. 4 of the Income-tax Act, defines the 'total income' to include all income, profits and gains from whatever source deprived. The definition of 'income' in Shaw Wallace & Co. case, 1932 (59) IA 206, as a periodical monetary return coming in with some sort of regularity, or expected regularity, from definite sources must be read with reference to the peculiar facts of that case. Money received 'under consequential loss policies, were income within the meaning of s. 2(6c) of the Income Tax Act, Raghuvanshi Mills Ltd. v. Commissioner of Income Tax, AIR 1953 SC 4: (1953) SCR 177.Income connotes a periodical monetary return 'coming in' with some sort of regularity, or expected regularity from definite sources, E.D. Sassoon and Co. Ltd. v. Commissioner of Income Tax, AIR 1954 SC 470: (1955) 1 SCR 313.The expression 'income' in entry 54 of List I of the Seventh Schedule to the Government of India Act, 1935, and the corresponding entry 82 of List 1 of the Seventh Schedule to the Const...
consequential
consequential : of the nature of an indirect or secondary result ...
consequential damages
consequential damages see damage ...
Consequentialness
The quality of being consequential...
Consequential provision
Consequential provision, a provision is con-sequential even though it will have to take effect immediately before the discharge because it is a direction which is being made to the administ-rators and they of course will cease to hold office on discharge of the administration order, VCT (UK) Ltd. (in re:), (2001) 1 WLR 436...
Constructive total loss
Constructive total loss, a term used in the law of marine insurance to denote a loss which entitles the assured to claim the whole amount of his insurance, on giving to the assurers notice of abandonment. Generally there is a constructive total loss when the subject-matter assured has not actually perished or lost its form or species, but has, by one of the perils insured against, been reduced to such a state or placed in such a position as to make its total destruction, though not inevitable, yet highly imminent, or its ultimate arrival under the terms of the policy, though not utterly hopeless, yet exceedingly doubtful. In such a case the assured, by giving notice within a reasonable time to the assurers of abandonment, i.e., the relinquishment of all his right to whatever may be saved, is entitled to recover against them as for a total loss.If notice is not given, the loss is treated as a partial loss unless the ship in fact has become a total loss or if there would be no possibilit...
Loss
Loss, the word 'loss' used in Railway Act can never mean loss to the owner, it means that the goods have disappeared in the course of transit and neither the railway nor the consignor nor the consignee re or is in a position to trace them, Union of India v. Sha Vastimull Harakchand, AIR 1959 Mys 13.The word 'loss' in the third clause of the 6th paragraph of art. III to the Act means and includes any loss caused to a shipper or a consignee by reason of the inability of the ship or the carrier to deliver part or whole of the goods, to whatever reason such failure may be due, East and West Steamship Co. v. S.K. Ramalingam Chettiar, AIR 1960 SC 1058: (1960) 3 SCR 820 [Carriage of Goods by Sea Act, 1925, Sch. Art III, Para 6, Cl. (3)]The word 'loss' is intended to mean and include every kind of loss to the owner of the goods--whether it is the whole of the consignment which is not delivered or part of the consignment which is not delivered and whether such non-delivery of the whole or part ...
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