Controlled Business - Law Dictionary Search Results
Home Dictionary Name: controlled businessControlled business
Controlled business, the definition of 'controlled business' contemplates two kinds of insurers--(i) insurers who carry on life business only, and (ii) insurers who carry on composite business, that is to say certain other business which does not ex facie come within controlled business, Under sub-clause (a) of s. 2(3)(i) controlled business covers the entire life business of an insurer if he carries on no other class of insurance business and under sub-clause (b) all the business appertaining to his life insurance business is included if he is a composite insurer. The controlled business in either case is intended to embrace all the business concerning life insurance. In the first case it means the whole of the business of the insurer and in the second case the part which comes within the life businessbut not other, National Insurance Co. Ltd. v. Life Insurance Corporation of India, AIR 1963 SC 1911 (1913): (1964) 2 SCR 182. [Life Insurance Corpora-tion Act, (31 of 1950), s. 2(3)(i) E...
Carries 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...
His business
His business, the meaning is to be determined by examining the object of the Act and the setting of the phrase 'his business'. The words 'for the purpose of continuing or starting his business in the section should be amplified to read as 'for the purpose of his own occupation by way of continuing or starting his business', D.N. Sanghavi v. Ambalal Tribhuvan Das, AIR 1974 SC 1026 (1030). [Madhya Pradesh Accommodation Control Act, (41 of 1961), s. 12(1)(f), 39(2)]...
Person concerned in the management of the business
Person concerned in the management of the business, the expression 'person concerned in the management of the business' may take in not only a person who directly participates or engages in the management of the business but also one who indirectly controls its management through the managerial staff, from behind the scenes, R. Dalmia v. Commissioner of Income Tax, AIR 1977 SC 988: (1977) 2 SCC 467: (1977) 2 SCR 654. [Income Tax Act, 1922, s. 2(6c) (iii)]...
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....
Business in milk and milk product
Business in milk and milk product, means sale or purchase of milk or milk product and includes manufacturing processing, handling or controlling of milk and milk product, Milk and Milk Product Regulations, 1992, Reg. 2(c)....
Composite insurer
Composite insurer, means an insurer carrying on in addition to controlled business any other kind of insurance business. [Life Insurance Corporation Act, 1956 (14 of 1957), s. 2 (2)]...
Control
Control, the word 'control' suggests check, restraint or influence. Control is intended to regulate and hold in check a restrain from action, State of Mysore v. Allum Karibasuppa, AIR 1974 SC 1863 (1866). [Karnataka Co-operative Societies Act, (11 of 1959), s. 54]The word 'control' is synonymous with superinten-dentce, management or authority to direct, restrict or regulate. Control is exercised by a superior authority in exercise of its supervisory power, S.V. Co-operative Bank Ltd. v. K. Panduranga, AIR 1972 SC 1248 (1250). [Multi-Unit Co-operative Societies Act, 1942, s. 2(1)]Control, is synonymous with superintendence, management, or authority to direct, restrict or regulate, Regional Provident Fund Commissioner v. Sanatan Dharam Girls Secondry School, 2006 (10) JT 159 [As per Words and Phrases, Vol. 9 Permanent Edn.]Imports the notion of the power to direct what shall be done with the property in question; and the words are intended to provide a clearer concept than 'possession' w...
Business
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 Uttar Pradesh Financial Corpn., AIR 1993 SC 935 (939): (1993) 2 SCC 279. [State Financial Corporation Act, (63 of 1951), s. 24]--Business would undoubtedly be property, unless there is something to the contrary in the enactment, J.K. Trust Bombay v. CIT, (1958) SCR 65: 1957 SCJ 845: AIR 1957 SC 846.Business includes the activities carried on by any public body, Halsbury's Laws of England, Vol. 20, 4th Edn., Para 546, p. 357. The term 'business' includes every trade, occupation and profession. The word 'business' has no technical meaning, but is to be read with reference to the subject and intent of the Act in which it occurs. The term 'business' means an affair requiring attention and labour as the chief concern; mercantile pursuits, that one does for livelihood, occupati...
Controller
Controller [fr. Controle, Fr., the copy of a roll of accounts], an overseer or officer appointed to examine and verify the accounts of other officers, also Controller under Patents Act, 1911.Means the Controller General of Patents, Designs and Trade Marks referred to in s. 73. [Patents Act, 1970 (39 of 1970), s. 2 (1) (b)]Means the Controller of Certifying Authorities appointed under sub-s. (l) of s. 17. [Information Technology Act, 2000 (21 of 2000), s. 2 (1) (m)]Means the Controller-General of Patents, Designs and Trade Marks referred to in s. 3. [Designs Act, 2000 (16 of 2000), s. 2 (b)]Means the person appointed by the State Government to give effect to the provisions of this Act and includes every Additional, Deputy or Assistant Controller who may be authorised by the Controller under sub-s. (3) of s. 5 to exercise any power under this Act. [Dangerous Machines (Regulation) Act, 1983 (35 of 1983), s. 3 (b)]...
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