Discountable - Law Dictionary Search Results
Home Dictionary Name: discountable Page: 3Prize amount
Prize amount, means the difference between the chit amount and the discount, and in the case of a fraction of a ticket means the difference between the chit amount and the discount proportionate to the fraction of the ticket, and when the prize amount is payable otherwise than in cash, the value of the prize amount shall be the value at the time when it becomes payable. [Chit Funds Act, 1982 (40 of 1982), s. 2(m)]...
Rebate
Rebate, discount; reducing the interest of money in consideration of prompt payment or otherwise.A return of part of a payment, serving as a discount or reduction, Black's Law Dictionary, 7th Edn., p. 1273The word 'rebate' in s. 16(2) of the Income Tax Act, 1922 not only relates to rebate granted under the Indian Finance Act but is wide enough to include any rebate which may be granted by other statutory orders--The word 'rebate' is an apt word to use in respect of remission, Commissioner of Income Tax v. Anant Rao B.Kamat, AIR 1966 SC 279: (1964) 8 SCR 263. [Income Tax Act, 1922, s. 16(2)]Rebate, is an apt word to use in respect of a remission, Commissioner of Income Tax, Delhi and Rajasthan, New Delhi v. Anant Rao Kamat, AIR 1966 SC 279....
Weights and measures
Weights and measures, instruments for reducing the quantity and price of merchandise to a certainty, that there may be the less room for deceit and imposition. See AVOIRDUPOIS; TROY WEIGHT; and METRIC SYSTEM.The adjustment of weights and measures is a prerogative of the Crown, and has from an early date been regulated by statute-the Weights and Measures Act, 1878. The 25th and 26th sections enact that:25. Use or Possession for Use.-Every person who uses or has in his possession for use for trade any weight, measure, scale, balance, steelyard, or weighing machine which is false or unjust, shall be liable to a fine not exceeding 5l., or in the case of a second offence 20l. [as amended by the W. and M. Act, 1889], and any contract, bargain, sale, or dealing made by the same shall be void, and the weight, measure, scale, balance, or steelyard shall be liable to be forfeited.26. Fraud in Use.-Where any fraud is wilfully committed in the using of any weight, measure, scale, balance, steelyar...
Bank Rate
Bank Rate. The minimum rate of discount charged for the time being by the Bank of England for discounting, cashing before due date the bills of certain approved mercantile houses. The bank rate is declared usually once a week....
Dealership agreement
Dealership agreement, agreement whether is a dealership agreement or agency agreement, determination. Agreement was on principal to principal basis and it was an absolute sale made by respondent in favour of dealers. Dealer is required to make full payment of goods purchased by him forthwith and given cash discount as per length of period of payment. Agreement held to be a dealership agreement and not an agency agreement, Union of India v. Bombay Tyre International Ltd., 2005 (3) SCC 787 [Central Excise Act, 1944, s. 4(4)(d)(ii)]...
Bank
Bank, Commercially it is a place where money is deposited for the purpose of being lent out at interest, returned by exchange, disposed of to profit, or to be drawn out again as the owner shall call for it. Special provisions are contained in the (English) Companies Act, 1929 relating to Banks. By s. 358, no company, association or partnership consisting of more than ten members shall be formed for the purpose of carrying on a banking business unless it is registered under the Act or formed in pursuance of an Act of Parliament or of letters patent. By s. 360, the liability of the members of a banking limited company remains unlimited in respect of the bank's liability for bank-notes issued by it. As to signature of balance sheets, see s. 129 and ANNUAL RETURNS, ss. 108 and 361. See also JOINT STOCK BANKS and LIMITED LABILITY, and consult Grant, Paget, or Walker on Banking, Chitty's Statutes, tit. 'Bank.'Means financial institution engaged in the accepting of deposits of money, granting...
Batta, or Butta
Batta, or Butta discount. 'In revenue matters,' says Mr. Wilson in the Indian Glossary, 'the amount added to, or deducted from, any judgment according to the currency in which it is paid as compared with a fixed standard coin.'-Indian.Means a unit of the Force constituted as a battalion by the Central Government. [Border Security Force Act, 1968 (47 of 1968), s. 2 (1) (b)]Means a unit of the Force constituted as a battalion by the Central Government. [The Indo-Tibetan Boarder Police Force Act, 1992 (35 of 1992), s. 2(b).]...
Chit amount
Chit amount, means the sum-total of the subscriptions payable by all the subscribers for any instalment of a chit without any deduction of discount or otherwise. [Chit Funds Act, 1982 (40 of 1982), s. 2(d)]...
Cussore
Cussore, a term used in Hindustan for the discount or allowance made in the exchange of rupees, in contradistinction to batta, which is the sum deducted....
Mistake
Mistake, misconception, error.Money paid under a mistake of a material fact, as where a person discounts a forged bill, is recoverable (though a banker paying the forged cheque of a customer cannot charge the customer with the loss), and see Jones & Co. v. aring & Gillow Ltd., 1926 AC 670; but money paid under a mistake of law is ordinarily not recoverable, Holt v. Markham, (1923) 1 KB 504, though there is an exception in the case where an officer of a Court or a trustee in bankruptcy has received the money [Ex P. Simmonds, (1885) 16 QBD 308]. A contract is not voidable because it was caused by a mistake as to any law in force in India; but a mistake as to a law in force in India has the same effect as a mistake of fact. (The Indian Contract Act, 1872, s. 21)It is a common condition of the sale of land that any error or misdescription shall not vitiate the sale, and mayor may not be made the subject of compensation, and this condition applies whether an error complained of was discover...
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