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Owner's equity

entity; the capital contributed by the owners plus any retained earnings. Also termed (in a corporation) shareholders' equity; stockholders' equity, Black's

Pension

thirty-nine pounds, as is derived from any source other than earnings, do not exceed forty-nine pounds seventeen shillings and six pence.

Post-graduate degree

a Master's degree like the M.Ed. or the LL.M. who earn recognition as the holder of a post-graduate degree, Juthika v.

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Profit

Kaggerappa, AIR 1954 SC 653. Means whatever the company finally earns after deducting all the expenditure and it goes to the

Profit bonus

ordinary sense of the term, incurred for the purpose of earning profits. A fortiorari profits have already been made. It is

Prostitute

Act, 1910, s. 76. A man who lives on the earnings of prostitution may be dealt with as a 'rogue and

Seamen

c. 84), and as to the mode of estimating their earnings for the purpose of that Act, see Rosenqvist v. Bowring,

Services

Central Government for the purpose of this Act; and (iii) earn foreign exchange; Special Economic Zones Act, 2005, s. 2(z)

Undertaking

not the ingredients but the completed work from which the earnings arise, Halsbury's Laws of England, 3rd Edn., Vol. 6, Art.

Wholly and exclusively

if it is incurred for promoting the business and to earn profits, the assessee can claim deduction under s. 10(2)(xv) of

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