Debt Owed

Debt owed, a debt owed within the meaning of s. 2(m) of the Wealth-tax Act can be defined as a liability to pay in praesenti or in futuro an ascertainable sum of money, Commissioner of Wealth Tax v. Her Highness Vijyaba Dowger Maharani Saheb of Bhavnagar Palace, (1979) 2 SCC 213: AIR 1979 SC 982: (1979) 3 SCR 545.The deduction claimed in respect of each assessment year was in truth and substance a liability under the Indian Income-tax Act, 1922 or the Income-tax Act, 1961, as the case may be, and not a new liability created by the Finance Act, and, therefore, it constituted a 'debt owed' by the assessee on the respective valuation dates within the meaning of s. 2(m) of the Act and that the deduction claimed should be allowed while computing the net wealth of the assessee, Ahmed Ibrahim Sahigra Dhoraji v. Commissioner of Wealth Tax, (1981) 3 SCC 77: AIR 1981 SC 1562: (1981) 3 SCR 402.A 'debt owed' within the meaning of, s. 2(m) of the Wealth-tax Act can be defined as a liability to pay ...

Debt owing and debt due

Debt owing and debt due, the word 'debt' is an applicable to a sum of money which has been promised at a future day as to a sum now due and payable. When there is an obligation to pay a sum of money at a future date, it is a debt owing but when the obligation is to pay a sum of money in presenti, it is a debt due, Union of India v. Raman Iron, (1974) 2 SCC 231: AIR 1974 SC 1265: (1974) 3 SCR 556...

Magna Carta

Magna Carta, [Latin 'great charter'] The English charter that King John granted to the barons in 1215 and Henry III and Edward I later confirmed. It is generally regarded as one of the great common-law documents and as the foundation of constitution liberties. The other three great charters of English Liberty are the Petition of Right (3 Car. (1628)), the Habeas Corpus Act (31 Car. 2 (1679)), and the Bill of Rights (1 Will. SM. (1689)). Also spelled Magna charta, Black's Law Dictionary, 7th Edn., p. 963.This Great Charter is based substantially upon the Saxon Common Law, which flourished in this kingdom until the Normaninvasion consolidated the system of feudality, still the great characteristic of the principles of real property. The barons assembled at St.Edmund's Bury, in Suffolk, in the later part of the year 1214, and there solemnly swore upon the high alter to withdraw their allegiance from the Crown, and openly rebel, unless King John confirmed by a formal charter the ancient li...

Attachment of debts

Attachment of debts. By (English) R.S.C. 1883, Order XLV., as amended by (English) R.S. C. July, 1902, r. 12, and R. S.C. July, 1905, r. 8, a judgment creditor may apply ex parte to the Court or a judge (r. 1), either before or after any oral examination of the debtor, for an order nisi [see Norton v. Yates, 1906 (1) KB 112] attaching debts owing or accruing to the debtor in the hands of the parties owing the same who are called garnishees; and by the same or any subsequent order the garnishee maybe required to appear before the Court, or a judge, or an officer of the Court, to show cause why he should not pay to the judgment creditor the debt due from him (the garnishee) to the judgment debtor or so much thereof as may be sufficient to satisfy the judgment debt. See (English) County Court Rules, 1936, Ord. XXVII....

set-off

set-off 1 : the reduction or discharge of a debt by setting against it a claim in favor of the debtor ;specif : the reduction or discharge of a party's debt or claim by an assertion of another claim arising out of another transaction or cause of action against the other party 2 a : a right to seek reduction or discharge of a debt or claim by countering a party's claim with an independent claim b : a counterclaim made by a defendant against a plaintiff for reduction or discharge of a debt by reason of an independent debt owed by the plaintiff to the defendant compare recoupment ...

set-off

set-off 1 : the reduction or discharge of a debt by setting against it a claim in favor of the debtor ;specif : the reduction or discharge of a party's debt or claim by an assertion of another claim arising out of another transaction or cause of action against the other party 2 a : a right to seek reduction or discharge of a debt or claim by countering a party's claim with an independent claim b : a counterclaim made by a defendant against a plaintiff for reduction or discharge of a debt by reason of an independent debt owed by the plaintiff to the defendant compare recoupment ...

Married women's property

Married women's property, At Common Law, a woman, by marrying, transferred the ownership of all her property, real and personal, present and future, to her husband absolutely, so that he might sell, pay his debts out of, give away, or dispose by will of it as he pleased, with these exceptions and modifications:-1) Her freehold estate became his to manage and take the profits of during the joint lives only. After his death, leaving her surviving, it passed to her absolutely; after her death, leaving him surviving, provided that it was an estate in possession and issue who could in her it had been born during the marriage, it passed to him as 'tenant by the curtesy (q.v.) of England,' during his life, and after his death to her heir-at-law.(2) Her leasehold estate, her personal estate in expectancy, and the debts owing to her and other 'choses in action,' became his absolutely if he did some act to appropriate or reduce them into possession during the marriage, or if he survived her. If ...

Foreign Attachment

Foreign Attachment, a custom which prevails in the city of London, whereby a debt owing to a defendant, sued in the Court of the Mayor or Sheriff, may be attached in the hands of the debtor. The custom was certified by the Recorder of London, in the reign o Edward IV., to be, that if a plaint be affirmed in London before, etc., against any person, and it be returned nihil, if the plaintiff will surmise that another person within the city is a debtor to the defendant in any sum, he shall have garnishment against him to warn him to come in and answer whether he be indebted in the manner alleged; and if he comes and does not deny the debt, it shall be attached in his habds, and after four defaults, recorded on the part of the defendant, such person shall find new surety to the plaintiff for the said debt, and judgment shall be that the plaintiff shall have judgment against him and that he shall be quit against the other after execution sued out by the plaintiff. Consult Brandon on Foreign...

Judgment-debtor

Judgment-debtor, means any person against whom a decree has been passed or an order capable of execution has been made. [Code of Civil Procedure, 1908, s. 2 (10)]One against whom a judgment ordering him to pay a sum of money stands unsatisfied. He may, by order of the Court or judge, be orally examined by the judgment creditor as to debts owing to him by third parties, and be compelled to produce books and documents, with a view to attaching any debts due to him [(English) R.S.C. 1883, Ord. XLV., r. 1]. See ATTACHMENT OF DEBTS....

Nichil

Nichil, means 'nothing'. A debt owed to the exchequer's officer but nihiled by sheriffs as non-leviable. Once a year, an officer of the cleru of Nichils enrolled there amounts and sent them to the treasurer's remembrancer's office from which process was issued for their recovery.--To make return that a debt is worthless, because the debter either cannot be found or is unable to pay, Black's Law Dictionary, 7th Edn., p. 1066....

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