Disputed Wealth - Law Dictionary Search Results
Home Dictionary Name: disputed wealthDisputed 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)]...
Net 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...
Arbitration
Arbitration, the determination of a matter in dispute by the judgment of one or more persons, called arbitrators, who in case of difference usually call in an 'umpire' to decide between them.Means a method of dispute resolution involving one or more neutral third parties who are usually agreed to by the disputing parties and whose decision is binding, Black Law Dictionary 7th Edn., p. 100.Means any arbitration whether or not administered by permanent arbitral institution. [The Arbitration and Conciliation Act, 1996, s. 2(a)]An arbitrator is a disinterested person, to whose judgment and decision matters in dispute are referred, Termes de la Ley.The civilians make a difference between arbiter and arbitrator, though both found their power in the compromise of the parties; the former being obliged to judge according to the customs of the law: whereas the latter is at liberty to use his own discretion, and accommodate the difference in that manner which appears most just and equitable.An ar...
Industrial dispute
Industrial dispute, means any dispute or difference between employers and employers, or between employers and workmen, or between workmen and workmen, which is connected with the employment or non-employment or the terms of employment or with the conditions of labour, of any persons. [Industrial Disputes Act, 1947, s. 2 (k)]The words 'Industrial disputes' in the Industrial Disputes Act include also disputes that might arise between municipalities and their employees in branches of work that can be said to be analogous to the carrying out of a trade or business, D.N. Banerjee v. P.R. Mukherjee, AIR 1953 SC 59: (1953) SCR 302. [Constitution of India Sch VII, List III, Entry 22]A dispute between an employer and single workman does not fall within the definition of Industrial dispute' under the U.P. Industrial Disputes Act, 1947. But though the applicability of the Act to an individual dispute as opposed to dispute involving a group of workmen is excluded, if the workmen as a body or a con...
arbitration
arbitration [Latin arbitratio, from arbitrari to judge, arbitrate, from arbiter onlooker, arbitrator] : the process of resolving a dispute (as between labor and management) or a grievance outside of the court system by presenting it to an impartial third party or panel for a decision that may or may not be binding compare mediation final offer arbitration : interest arbitration in which the arbitrator must accept or reject the final offer of any party and may not decide to compromise grievance arbitration : arbitration of a dispute over something in an existing collective bargaining agreement called also rights arbitration compare interest arbitration in this entry interest arbitration : arbitration of a dispute over the provisions to be entered in a new contract compare grievance arbitration in this entry rights arbitration : grievance arbitration in this entry ar·bi·tra·tion·al [Ä r-bə-trā-shə-nəl] adj ...
Dispute
Dispute, The meaning of the word 'dispute' is, 'a controversy having both positive and negative aspects. It postulates the assertion of a claim by one party and its denial by the other', Canara Bank v. National Thermal Power Corporation, (2001) 1 SCC 43.The term 'dispute' means a controversy having both positive and negative aspects. It postulates the assertion of a claim by one party and its denial by the other, Gujarat State Corporation Land Development Bank v. P.R. Mondkad, (1979) 3 SCC 123: AIR 1979 SC 1203 (1207).There should be dispute and there can only be a dispute when a claim is asserted by one party and denied by the other on whatever grounds. Mere failure or inaction to pay does not lead to the inference of the existence of dispute. Dispute entails a positive element and assertion in denying, not merely inaction to accede to a claim or a request, Inder Singh Pekhi v. D.D.A., AIR 1988 SC 1007 (1009): (1988) 2 SCC 338.Once such a claim is made prior to invocation of arbitrati...
Trade dispute
Trade dispute, means a dispute between two countries arising from tariff rates or other matters related to international commerce, Black's Law Dictionary, 7th Edn., p. 1500.This expression is defined in s. 5 (3) of the (English) Trade Disputes Act, 1906, as follows:-'Trade dispute' means any dispute between employers and workmen, or between workmen and workmen, which his connected with the employment or non-employment or the terms of the employment, or with the conditions of labour, of any person, and the expression 'workmen' means all persons employed in trade or industry whether or not in the employment of the employer with whom a trade dispute arises.By s. 1, 'An act done in pursuance of an agreement or combination by two or more persons shall, if done in contemplation of a trade dispute, not be actionable unless the act, if done without any such agreement or combination, would be actionable.' But the provisions of the Act shall not apply to any act done in contemplation or furthera...
dispute
dispute dis·put·ed dis·put·ing vi : to engage in a dispute [disputing with management over contract terms] vt : to engage in a dispute over [disputing the correct application of the contract provision] ;esp : to oppose by argument or assertion [disputed changes to the grievance procedure] dis·put·able [di-spyü-tə-bəl, dis-pyə-tə-bəl] adj n : an assertion of opposing views or claims : a disagreement as to rights ;esp : one that is the subject of proceedings for resolution (as arbitration) ...
Workmen concerned in such dispute
Workmen concerned in such dispute, the expression 'workmen' concerned in such dispute in s. 33(1)(a) of the Industrial Disputes Act, 1947 is not limited to the workmen directly or actually concerned in such dispute, but induces all workmen on whose behalf the dispute has been raised as well as those who would be bound by the award which may be made in the said dispute', New India Motors (P) Ltd. v. K.T. Morris, AIR 1960 SC 875: (1960) 3 SCR 350. [Industrial Disputes Act, 1947, s. 33(1) (a), 33A, 32(12) & 18]...
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