Fixed Assets - Law Dictionary Search Results
Home Dictionary Name: fixed assetsFixed assets
Fixed assets, 'Fixed assets' in general comprise those assets which are held for the purpose of conducting a business, in contradistinction to those assets which the proprietor holds for the purpose of converting into cash, and they include real estate, building, machinery, etc. Union of India v. United Collieries Ltd., AIR 1985 SC 192 (195): (1985) 1 SCC 305: (1985) 2 SCR 209. [Coal mines (Nationaliza-tion) Act, (26 of 1973), s. 2(h)(xii)]...
fixed asset
fixed asset see asset ...
asset
asset [back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough] 1 : the entire property of a person, business organization, or estate that is subject to the payment of debts used in pl. compare equity 2 : an item of property owned admitted asset : an asset allowed by law to be included in determining the financial condition of an insurance company compare nonadmitted asset in this entry appointive asset : an asset in an estate that is to be distributed under a power of appointment capital asset : a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner's business ;specif : any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code) cur·rent asset : a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash equitable asset : an asset esp. in an estate that is sub...
Actual cost
Actual cost, The accepted accountancy rule for determining the cost of fixed assets is to include all expenditure necessary to bring such assets into existence and to put them in working condition. In case money is borrowed by a newly started company which is in the process of constructing and erecting its plant, the interest incurred before the commencement of production on such borrowed money can be capitalised and added to the cost of the fixed assets which have been created as a result of such expenditure. The above rule of accountancy should, in our view, be adopted for determining the actual cost of the assets in the absence of any statutory definition or other indication to the contrary, Challapalli Sugar Limited v. Commissioner of Income Tax, (1975) 3 SCC 572: AIR 1975 SC 97 (101)....
Floating assets
Floating assets, where there is a fixed charge over assets, such as the subsidiary shares, the fact that the charger is entitled to enjoy the fruits of the asset, such as the distribution rights, should not lead to the charge as it covers those assets being characterized as floating, Atlantic Computer System Plc (in re:), (1992) Ch 505. See also Arthur D Little Ltd. (in administration) v. Ableco Finance LLC, (2003) LR 217 (Ch): (2002) EWHC 701 (Ch)....
Fixed charge
Fixed charge, is however, on a particular asset or class of assets which the charger cannot deal with free from the charge with consent of the charger, Cosslett (Contractors) Ltd. (in re:), (1998) Ch 495, see also Arthur D Little Ltd. (in administration) v. Ableco Finance, LLC, (2003) LR 217 (Ch): (2002) EWHC 701 (Ch)....
replacement
replacement 1 a : the act of replacing : the state of being replaced b : an insurer's option under a policy to replace or repair damaged property rather than pay the insured for the loss 2 : something that replaces ;specif : a new fixed asset or portion of an asset that takes the place of one discarded (as because of deterioration) ...
Cock oven plant
Cock oven plant, 'Coke oven plant' means the plant and equipment with which the manufacture of hard coke has been or is being, carried on, and includes-(i) all lands, building, works, machinery and equipment, vehicles, railways, tramways and sidings, belonging to, or in the coke oven plant, (ii) all workshop belonging to the coke oven plant, including buildings, machinery, instruments, stores, equipment of such workshops and the lands on which such workshops stand, (iii) all coke in stock or under production, and other stores, stocks and instruments, belonging to the coke oven plant, (iv) all power stations belonging to the coke oven plant or operated for supplying electricity for the purpose of working the coke oven plant or a number of coke oven plants, (v) all lands, buildings and equipment belonging to the coke oven plant where the washing of coal is carried on, (vi) all other fixed assets, movable or immovable, and current assets belonging to a coke oven plant, whether within its ...
Commercial assets
Commercial assets, of a building society comprise the society's class 1, class 2 and 3 assets. The aggregate of a society's class 1, class 2 and class 3 assets constitutes the total commercial assets of the society. Class 1 assets comprise class 1 advances secured on land in the United Kingdom or on land in the Isle of Man, the Channel Island or Gibraltar. Class 2 assets comprise class 2 advances secured on land in the United Kingdom or on land in the Isle of Man, the Channel Islands or Gibraltar. Class 3 assets comprise loons for mobile homes, Halsbury's Laws of England, Vol. (2), para 762, p. 464....
renewal
renewal 1 : the act or process of renewing [a of the copyright] 2 : the quality or state of being renewed 3 : something renewed 4 : something used for renewing ;specif : an expenditure that betters existing fixed assets 5 : the rebuilding of a large area (as of a city) by a public authority ...
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial