Finance Act 2003 Section 166 - Law Dictionary Search Results
Home Dictionary Name: finance act 2003 section 166Finance Acts
Finance Acts. In and after 1894 the Annual Taxing Acts, which had for a long time borne the short titles of 'Customs and Inland Revenue Acts,' have borne the short titles of 'Finance Acts.' The Finance Act incorporates the Budget which is the Chancellor of the Exchequer's annual statement or report of the financial results of the past year, estimated expenditure and income of the coming year and proposals in regard to taxation. These proposals are passed into law by the Finance Act but are enforced as soon as a resolution of the Committee of Ways and Means agrees to them in order to prevent forestalling and anticipation in commodities. See Halsb. L.E., title 'Parliament (Ways and Means).'...
Public Order Act, 1936
Public Order Act, 1936 (English) (1 Edw. 8 & 1 Geo. 6, c. 6). An Act to prohibit the wearing of uniforms in connection with political objects and the maintenance by private persons of associations of limitary or similar character, and to make further provision for the preservation of public order on the occasion of public processions and meetings and in public places.S. 1.-Prohibition of uniform in connection with political objects.S. 2.-Prohibition of quasi-military organizations.S. 3.-Confers powers for the preservation of public order on the occasion of processions.S. 4.-Prohibition of offensive weapons at public meetings and processions.S. 5.-Prohibition of offensive conduct conducive to breaches of the peace.S. 6.-Amendment of Public Meeting Act, 1908; see PUBLIC MEETING.S. 7.-Enforcement.S. 8.-Application to Scotland.S. 9.-Interpretation.S. 10.-Short title and extent.A person who commits an offence under s. 2 is liable on summary conviction to a maximum of 6 months' imprisonment ...
Corn Tax Abolition Act (English)
Corn Tax Abolition Act (English), 10 & 11 Vict. c. 46. This Act, however, left a duty of 1s. a quarter (measure) remaining-a duty repealed by the Customs and Inland Revenue Act, 1869 (32 & 33 Vict. c. 14), s. 4, reimposed under the guise of 3d. per cwt. By the Finance Act,1902 (2 Edw. 7, c. 7), s. 1, but taken off again by the Finance Act, 1903 (3 Edw. 7, c. 8) s. 1....
owner financing
owner financing a home purchase where the seller provides all or part of the financing, acting as a lender. Source: U.S. Department of Housing and Urban Development ...
Workmen's Compensation Act
Workmen's Compensation Act. (English) The Workmen's Compensation Act, 1897, introduced the principle of compulsory insurance of workmen by employers in a restricted number of trades. The gist of a right to compensation under the Acts is 'accident arising out of and in the course of the employment' causing personal injury to a workman (Workmen's Compensation Act, 1925 [15 & 16 Geo. 5, c. 84), s. 1 (1)] The compensation is not damages for negligence or any other tort at common law or by statute (see COMPBELL (LORD) ACTS (Fatal Accidents Acts, 1846-1908) and Employers Liability Act, 1880, sub tit. MASTER AND SERVANT), and an employer is not liable both for damages and compensation; but the workman or his representatives may elect between the remedies, and in an unsuccessful action for damages the Court may assess or refer the question of compensation to the proper tribunal, subject to an equitable order for costs (Workmen's Compensation Act, 1925, s. 25). Compensation is not payable for a...
Act of Parliament
Act of Parliament, a law made by the sovereign, with the advice and consent of the Lords spiritual and temporal, and the Commons, in Parliament assembled (1 Bl. Com. 85); but, in the case of an Act passed under the provisions of the (English) Parliament Act, 1911, a law made by the sovereign 'by and with the advice and consent of the Commons in this present Parliament assembled in accordance with the provisions of the Parliament Act, 1911, and by authority of the same'; also called a 'statute.'Means a bill passed by two Houses of Parliament and assented to by the President and in the absence of an express provision to the contrary, operative from the date of notification in the Gazette, Handbook for Members of Rajya Sabha, April, 2002.Means an action; a thing done or established; a written law formally passed by the legislative power of a State; a Bill enacted by the legislature into a law, as distinguished from a bill which is in the form of draft of a law or legislative proposal pres...
Levy
Levy, may include both the process of taxation as well as the determination of the amount of tax or duty, S.K. Pattanaik v. State of Orissa, (2000) 1 SCC 413.The term 'levy' is wider in its import than term 'assessment'. It may include both 'imposition' as well as 'assessment' Imposition is generally used for levy of a duty or tax by legislative provisions indicating the subject-matter of levy and rate of levy. Levy of duty does not mean actual collection, Collector of Central Excise, Chandigarh v. Smith Kline Beecham Consumer Health Care Ltd., AIR 2003 SC 829. [see Central Excise Act, 1944 (1 of 1944)][fr. levo, Lat.], the act of raising money or men.Assessment and collection of income tax The expression 'levy, assessment and collection of income-tax' in section 13(1) of the Finance Act, 1950, was wide enough to comprehend re-assessment proceedings under section 34 of the Income Tax Act, 1922, Income Tax Officer v. K.N. Guruswamy, AIR 1958 SC 808: (1959) SCR 785.Levy under section 14(...
Warehouse
Warehouse, in common parlance, certainly means a place where a man stores or keeps his goods which are not immediately wanted for sale, Stroud's Judicial Dictionary, 3rd Edn. See also Goa Urban Co-op. Bank Ltd. v. Noor Mohd. Shikh Mussa, (2004) 6 SCC 166.Warehouse, is properly speaking a building used for the purpose of storing goods imported at a reasonable rent, Law Lexicon of British India, 1940 Edn. See also Goa Urban Co-op. Bank Ltd. v. Noor Mohd. Sheikh Mussa, (2004) 6 SCC 166.Means a building where wares or goods are stored, as before being distributed to retailers, a store-house, Webster's New Twentieth Century Diction-ary, Vol. II, 2nd End. See also Goa Urban Co-op Bank Ltd. v. Noor Mohd. Sheikh Mussa, AIR (2004) 6 SC 166.Means a property, Law Lexicon of British India, 1940 Edn.Means a public warehouse appointed under s. 57 or a private warehouse licensed under s. 58. [Customs Act, 1962 (52 of 1962), s. 2 (43)]A building used to store goods and other items, Black's Law Diction...
Floating charge
Floating charge. This term is not a legal term, but it is well understood and is used in Acts of Parliament, e.g., the (English) Finance Act, 1915, s. 27, and may be said to denote a security which is an equitable charge on the assets for the time being of a going concern. It allows of the business being carried on and the property comprised in it being dealt with in the ordinary course of business, until the undertaking charged ceases to be a going concern, or until the creditor in some way or other intervenes, See Government Stock, etc., Co. v. Manila Ry. Co., 1897 AC 86, per Lord Macnaghten.The charge becomes fixed and enforceable by the charges as soon as the company goes into liquidation, even for the purpose of reconstruction [Crompton & Co., 1914, 1 Ch 954]. Under the (English) Companies Act, 1929, s. 88, all floating charges must be registered in the Register of Charges.The subsidiary shares, rather than circulating in the ordinary course of the claimant's business, are part of...
Special Economic Zone
Special Economic Zone, means a specifically delineated duty-free enclave, as if it were a foreign territory for the purpose of trade operations, duties and tariffs, having been declared and notified in the official Gazette as a Special Economic Zone by the Central Government. [West Bengal Special Economic Zone Act, 2003, s. 2(l)]Means each Special Economic Zone notified under the proviso to sub-section (4) of section 3 and sub-section (1) of section 4 (including Free Trade and Warchousing Zone) and includes an existing Special Economic Zone. [Special Economic Zone Act, 2005 (28 of 2005), s. 2(za)]Means each Special Economic Zone notified under the proviso to sub-s. (4) of s. 3 and sub-s. (1) of s. 4 (including Free Trade and Warehousing Zone) and includes an existing Special Economic Zone. [Special Economic Zone Act, 2005, s. 2(Za)]Means the area declared by the Government of India as the Special Economic Zones. [Gujarat Special Economic Zone Act, 2004, s. 2(n)]Means an area identified...
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