Disposed Wealth - Law Dictionary Search Results
Home Dictionary Name: disposed wealthNet wealth
Net wealth, 'net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, Commissioner of Wealth Tax v. Bishwanath Chatterjee, AIR 1976 SC 1492 (1494): (1976) 3 SCC 385: (1976) 3 SCR 1096. [Wealth Tax Act, 1957, ss. 2(m) and 21(5)]It means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date which have been incurred in relation to the said assets. [Wealth-tax Act, 1957 (27 of 1957), s. 32 (m)]A coparcenary has unity of possession but not unity of owners...
Net wealth tax
Net wealth tax, readings on Taxation in Developing, Countries by Fird and Oldman elucidates the concept of Wealth Tax as follows, at page 281: 'The term 'net wealth tax' is therefore deemed to be imposed on the person of the taxpayer, while the property tax often deemed to be imposed on an object - the property itself.' In Harvard Law School World Tax Series - Taxation in Columbia Net Wealth Tax is defined at page 451 thus: 'As a general rule, all debts owed by a tax-payers, whether to residents or to non-residents, are deductible if their existence is established in conformity with the legal requirements. The usual test of deductibility, as applied by the Division of National Taxes, is whether or not there is an actual, enforceable legal obligation the amount of which is fixed or computable as on December 31, of the tax year.' According to Harvard Law School World Tax Series - Taxation in Sweden - this tax has been levied in Sweden since a long time. Now it is regulated by law enacted...
Disputed wealth
Disputed wealth, 'disputed wealth', in relation to an assessment year, means the whole or so much of the net wealth as is relatable to the disputed tax. [Kar Vivad Samadhan Scheme, 1998, s. 87(g)]...
Disposal
Disposal, Disposal means transfer of title in the goods to any other person, C.S.T. v. Thamas Stephen & Co. Ltd., AIR 1988 SC 997 (999): (1988) 2 SCC 264.Disposal, whether any delivery of waste to a mine is to be regarded as a disposal within the meaning of the legislation regardless of the Specific Circumstances, Abfall Service A.G. v. Bundesminister Far Umwelt (ECJ), (2002) 3 WLR 665...
While disposing of the appeal
While disposing of the appeal, reference or revision, the change in phrasology clearly suggests that Parliament did not intend to prescribe any limitation on the powers of the appellate Court or revisional Court; the words are not 'when convicting' or 'when upholding the conviction' but the words are while disposing of the appeal, reference or revision' and these would mean in continuation of the disposal of the appeal, reference or revision and these words cannot be regarded as importing a limitation on the power to the effect that such order must be incorporated in the body of the judgment disposing of the appeal, reference or revision, H.P. Gupta v. Manohar Lal, AIR 1979 SC 443: (1979) 2 SCC 486: (1979) 2 SCR 208. [Criminal Procedure Code, 1973, s. 456(2)]...
dispose of
dispose of dis·posed of dis·pos·ing of 1 : to transfer to the control or ownership of another [disposed of the property by will] 2 : to deal with conclusively : determine finally [received petitions for injunctions…The common theme in disposing of these "W. J. Brennan, Jr."] ...
Disposal
The act of disposing or disposing of anything arrangement orderly distribution a putting in order as the disposal of the troops in two lines...
To be at his own disposal
To be at his own disposal, means when a testator bequeaths certain property for charitable purpose and directs that the profits thereof may be retained by the executor for such objects and such purpose as he may, in his discretion, select and be at his own disposal. It means as if the said profits are to be as 'at his own disposal' for such purpose. There is no gift for the benefit of the executor in such cases, Chapman Hales v. A.G., (1922) 2 Ch 479....
Wealth
Wealth, all useful or agreeable things which posses exchange-value, or, in other words, all useful and agreeable things except those which can be obtained in the quantity desired without labour or sacrifice, 1 Mill's Pol. Eco. 10. The actual and potential possessions and resources of one or more individuals or a community, either convertible into terms of money, or measured by any other standard of value see VALUE.1. A large quantity of something2. The state of having abundant financial resources; affluence, Black's Law Dictionary, 7th Edn., p. 1587...
disposable income
disposable income : income available for disposal: as a : the income remaining to an individual after deduction of taxes b : the income of a debtor in bankruptcy that is not necessary to support the debtor or the debtor's dependents ...
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