Fixed Capital - Law Dictionary Search Results
Home Dictionary Name: fixed capitalFixed capital and circulating capital
Fixed capital and circulating capital, fixed capital is something which the owner keeps in his possession but turns to profit; circulating capital, however, is turned over in the process of profit-making, Karanpura Development Co. Ltd. v. CIT, AIR 1962 SC 429 (433): 1962 3 SCR 368....
Designated fixed 'capital account
Designated fixed 'capital account', in relation to a partnership, means an account (1) which is prepared and designated as such under the terms of the partnership agreement; (2) which shows capital contributed by the partners; (3) from which, under the terms of the agreement, an amount representing capital may only be withdrawn by a partner if (a) he ceases to be a partner and an equal amount is transferred to a designated fixed capital account by his former partners or any person replacing him as their partner; or (b) the partnership is otherwise dissolved or wound up, Banking Act, 1987, s. 67(4) (UK) Halsbury's Laws of England 3(1), para 123, p. 106....
Fixed capital
Fixed capital, 'fixed capital' as what the owner turns to profit by keeping it in his own possession and 'circulating capital' as what he makes profit of by parting with it and letting it change masters, Sutlej Cotton Mills Ltd. v. Commissioner of Income Tax, AIR 1979 SC 5 (9): (1978) 4 SCC 358: (1979) 1 SCR 976....
Fixed capital investment,
Fixed capital investment, preoperative expenses which included interest to financial institutions, rights shares issue expenses, foreign technician expenses and foreign travel expenses do not form part of 'fixed capital investment', Commissioner of Trade Tax, U.P. v. Kajaria Ceramics Ltd., AIR 2005 SC 2968....
fixed capital
fixed capital see capital ...
Capital and revenue receipt
Capital and revenue receipt, distinction between revenue and capital in the law of income tax is fundamental. Tax is ordinarily not levied on capital profits; it is levied on income. It is well-settled that sale of stock-in-trade or circulating capital or rendering service in the course of trading results in a trading receipt; sale of assets which the assessee uses as fixed capital to enable him to carry on his business results in capital receipt, C.I.T. v. Maheshwari Devi Jute Mills Ltd., AIR 1965 SC 1974: (1965) 3 SCR 765: AIR 1965 SC 1974 (1976). [Income-tax Act, 1922, s. 4(1)]...
Circulating capital
Circulating capital, means capital employed in the trading operations of the business and the dealings with it comprise trading receipts and trading disbursements, while 'fixed capital' means capital not so employed in the business, though, it may used for the purposes of a manufacturing business, but does not constitute capital employed in the trading operations of business, Sutlej Cotton Mills Limited v. Commissioner of Income Tax, (1978) 4 SCC 358: (1979) 1 SCR 976: AIR 1979 SC 5 (9). [Income-tax Act (11 of 1922) s. 10 (1) (2)]...
Capital employed
Capital employed, the expression 'capital employed' is not a term of art nor is it an expression having a fixed connotation or meaning but it is susceptible of varied meanings, including or excluding short-term borrowings or long-term borrowings, whether of all categories or of any particular category or categories depending on its environmental context, Lohia Machines Ltd. v. Union of India, (1985) 2 SCC 197: (1985) 2 SCR 686: AIR 1985 SC 421 (432). [Income-tax Act, 1961, s. 80(j)]...
Capitation fee, Profiteering
Capitation fee, Profiteering', though private institution has right to fix its own fee structure there can be no profiteering and capitation fees cannot be charged. Islamic Academy of Education v. State of Karnataka, (2003) 6 SCC 697: AIR 2003 SC 3724. [Constitution of India Arts. 19(1)(g), 4(6), 26 and 30(1)]...
Immobilise
Immobilise, means to make immobile, esp., to turn (movable property) into immovable property or to turn (circulating capital) into fixed capital, Black's Law Dictionary, 7th Edn., p. 752....
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