Fixed Assets - Law Dictionary Search Results
Home Dictionary Name: fixed assets Page 1 of about 29 results (0.004 seconds)Fixed 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 ...
marshal
marshal 1 : a ministerial officer appointed for each judicial district of the U.S. to execute the process of the courts and perform various duties similar to those of a sheriff 2 : a law officer in some cities (as New York) of the U.S. who is entrusted with particular duties (as serving the process of justice of the peace courts) 3 : the administrative head of the police or esp. fire department in some cities of the U.S. also marshall vt -shaled also: -shalled -shal·ing also: -shal·ling : to fix the order of (assets) with respect to liability or availability for payment of obligations ;also : to fix the order of (as liens or remedies) with respect to priority against a debtor's assets see also marshaling ...
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)....
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 ...
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 ...
salvage value
salvage value 1 : the value of damaged property 2 : the actual or estimated value realized on the sale of a fixed asset at the end of its useful life NOTE: Salvage value is used in calculating depreciation. ...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
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