Diminution In Value - Law Dictionary Search Results

Home Dictionary Name: diminution in value

diminution in value

diminution in value :a theory of property damages in which the measure of damages for the breach of a contract or lease is equal to the difference between the value of the property in the condition promised and the value as it exists ...

Depreciation

Depreciation, is an allowance for the diminution in the value due to wear and tear of capital asset employed by an assessee in his business, Union of India v. Savjiram, (2004) 9 SCC 312 (317).Means 'a decrease in value of property though wear, deterioration, or obsolescence, the allowance made for this in book-keeping, accounting, etc.' (Webster's New World Dictionary), Income Tax Commissioner v. Alps Theatre, AIR 1967 SC 1437 (1439). [Income Tax Act, 1922, s. 10(2)(vi)]It represents the diminution in value of a capital asset when applied to the purpose of making profit or gain, Workmen of National & Grindlays Bank Ltd. v. National & Grindlays Bank, AIR 1976 SC 611 (616)....

taking

taking 1 : a seizure of private property or a substantial deprivation of the right to its free use or enjoyment that is caused by government action and esp. by the exercise of eminent domain and for which just compensation to the owner must be given according to the Fifth Amendment to the U.S. Constitution see also inverse condemnation, physical taking, regulatory taking NOTE: A governmental action that results in a mere diminution in property value is less likely to be considered a taking than one that deprives the owner of economically viable use of the property. 2 : the wrongful acquisition of control over property (as in larceny) or a person ...

Fruit

Fruit, as to larceny of and damage to, see Larceny Act, 1916, s. 8(3), and Malicious Damage Act, 1861, ss. 23, 24; as to compensation to market garden tenant for fruit trees and fruit bushes, see ss. 48 and 49 and Sched. III. Of the Agricultural Holdings Act, 1923, which repealed and replaced the Agricultural Holdings Act, 1908, which itself had replaced the Market Gardeners Compensation Act, 1895, see Saunders-Jacob v. Yates, (1933) 2 KB 240 (market garden includes part of private premises so treated). As to importation and marking of foreign fruit, see AGRICULTURAL ACTS (marketing-produce-returns).In Webster Comprehensive Dictionary, International Edition at p. 509, the word 'fruit' has been defined, the edible, pulpy mass, covering the seeds of various plants and trees. They are classified as fleshy, as gourds, melons, oranges, apples, pears, berries, etc. drupaceous as cherries, peaches, plums, apricots, and others containing stones; dry as nuts, capsuls, ashenia, follicles, legume...

Property

Property, an actionable claim against the tenants is undoubtedly a species of property which is assignable, State of Bihar v. Kameshwar Singh, AIR 1952 SC 252.Comprises every form of tangible property, even intangible, including debts and chooses in action such as unpaid accumulation of wages, pension, cash grants, and constitutionally protected privy purse, See M.M. Pathak v. Union of India, AIR 1978 SC 802.Decree is to be treated as property, Associated Hotels of India v. Jodha Mal Kuthiala, AIR 1950 Punj 201.Every movable property is included in the ordinary connotation of the word 'property', Chunni Lal v. State, AIR 1968 Raj 70.In commercial law this may carry its ordinary meaning of the subject-matter of ownership. But elsewhere, as in the sale of goods it may be used as a synonym for ownership and lesser rights in goods, Dictionary of Commercial Law by A.H. Hudson, (1983, Edn.).In Entry 42, List III (Constitution of India) includes the power to legislate for acquisition of an un...

Exchange

Exchange, a contract of sale denotes a transfer of property in goods by mutual consent. Such a transfer of ownership must be in relation to transfer from one person to another. The consideration would be a price in the form of money. Only when the consideration for transfer consists of other goods it may be an exchange or barter, Dhampur Sugar Mills Ltd. v. Commissioner of Trade Tax, (2006) 5 SCC 624: (2006) 11 JT 111: (2006) 5 SCALE 595: (2006) 5 Supreme 73: (2006) 4 SLT 189: (2006) 7 SCJ 60: (2006) 6 SCJD 106: (2006) 147 STC 57.Exchange, often contracted into change, a building or other place in considerable trading cities, where merchants, agents, bankers, brokers, and other persons concerned in commerce, meet at certain times to confer and treat together of matters relating to exchanges, remittances, payments, adventures, assurances, freights, and other mercantile negotiations, both by sea and land.Also used to designate that species of mercantile transactions by which the debts of...

<< Prev.
Next >>