Goodwill - Law Dictionary Search Results

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Goodwill

Goodwill, may be the whole advantage belonging to the firm, its reputation as also connection thereof. It, thus, means that every affirmative advantage as contrasted with negative advantage that has been acquired in carrying on the business whether connected with the premises of business or its name or style, everything connected with or carrying the benefit of the business, Ramnik Vallabhdas Madhwani v. Taraben Pravinlal Madhwani, (2004) 1 SCC 407: AIR 2004 SC 1084 (Partnership Act, 1932, s. 55).A business's reputation, patronage, and other intan-gible assets that are considered when apprising the business, esp. for purchase; The ability to earn income in excess of the an come that would be expected from the business veined as a mere collec-tion of assets, Black's Law Dictionary, 7th Edn., p. 703.The advantage or benefit which is acquired by a business, beyond the mere value of the capital, stock, funds, or property employed therein, incon-sequence of the general public patronage and ...

goodwill

goodwill 1 : an intangible asset that is made up of the favor or prestige which a business has acquired beyond the mere value of what it sells due to the personality or experience of those conducting it, their reputation for skill or dependability, the business's location, or any other circumstance incidental to the business that tends to draw and retain customers 2 a : the value of projected increases in the earnings of a business esp. as part of its purchase price b : the excess of the purchase price of a business above the value assigned for tax purposes to its other net assets NOTE: The Internal Revenue Code requires the purchaser of a business to allocate the purchase price among the various types of assets. Frequently the purchase price is greater than the sum of the values of the individual assets. The excess is labeled goodwill. Because of its indefinite life, goodwill is not amortizable as an asset. The purchaser will therefore usually try to keep the allocation to goodw...

Goodwill bonus

Goodwill bonus, it is a bonus which is given by the employer out of his free consent in order that there may be goodwill between him and his workmen; but there can be no question of imposing a goodwill bonus by industrial courts, as imposition of such a bonus is a contradiction of its very concept, New Maneck Chowk Spinning Weaving Co. Pvt. Ltd. v. Textile Labour Association, AIR 1961 SC 867: (1961) 3 SCR 1...

Landlord and Tenant Act, 1927

Landlord and Tenant Act, 1927 (English) (17 & 18 Geo. 5, c. 36), provides; for the payment of compensation for improvements and goodwill to tenants of premises used for business purposes or the grant of a new lease in lieu thereof, and in other respects amends the law of landlord and tenant. Ss. 1 to 3 deal with the conditions under which a tenant may claim compensation for improvements. S. 4, with conditions under which a tenant on leaving may claim compensation for goodwill attached to the premises by reason where of they could be let at a higher rent. Sect. 5 provides for the granting of a new lease when the sum which could be awarded under s. 4 would not compensate the tenant for his loss of goodwill. Other provisions of the Act ameliorate the position of the tenant with regard to breaches of repairing covenants and also with regard to covenants against assignment, covenants against improvements without consent and covenants against alteration of user without consent. See also LAND...

Passing off

Passing off, in action for passing off pray of actual deception is not necessary two marks bear an ovrall similarity as would be likely to mislead a person usually dealing with one to accept the other if offered to him, it is enough, National Match Works v. S.T. Karuppanna Nadar, AIR 1979 Mad 157.An infringement action is available where there is violation of specific property right acquired under and recognised by the statute. In a passing-off action, however, the plaintiff's right is independent of such a statutory right to a trade mark and is against the conduct of the defendant which leads to or is intended or calculated to lead to deception. Passing-off is said to be a species of unfair trade competition or of actionable unfair trading by which one person, through deception, attempts to obtain an economic benefit of the reputation which another has established for himself in a particular trade or business. The action is regarded as an action for deceit. The tort of passing-off inv...

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...

intangible

intangible : incapable of being touched : having no physical existence : not tangible or corporeal n : something intangible ;specif : an asset (as goodwill or a patent right) that is not corporeal ...

intangible

Advertisement, [fr. avertissement, Fr.], a public notice or announcement of a thing.The duties payable on advertisements were repealed by 16 & 17 Vict. c. 63, s. 5.As to the protection afforded to Trustees and Personal Representatives by issuing an advertisement for creditors before distributing any real or personal property, see (English) Trustee Act, 1925, s. 27, amended by the (English) Law of Property (Amend.) Act, 1926, s. 7, and extending the (English) Law of Property Amendment Act, 1859 (22 & 23 Vict. c. 35), s. 29; Re Bracken, (1890) 43 Ch D 1.The regulation of advertisements is provided for by the (English) Advertisements Regulation Act, 1907 (7 Edw. 7, c. 27), and the (English) Ancient Monuments Act, 1931 (20 & 21 Geo. 5), s. 7. See also Advertisements Regulation Act, 1925, respecting advertisements affecting the view or amenities of a village or historic building. Advertisements for stolen property may amount to an offer to compound a felony, and thus constitute an offence w...

Capital asset

Capital asset, The expression 'capital asset: is defined in S. 2(14) of the Income-tax Act, 1961 to mean 'property of any kind held by an assessee'. It is of the widest amplitude, and apparently covers all kinds of property except the property expressly excluded by clause (i) to (iv) of the sub-s. which, it will be seen, does not include goodwill. But the definitions in S. 2 are subject to an overall restrictive clause, CIT v. B.C. Srinivasa Setty, (1981) 2 SCC 460 (463): (1981) 2 SCR 938: AIR 1981 SC 972.Includes capital asset as property of any kind held by the assesse, A.R. Krishna Murthy v. CIT, (1989) 1 SCC 754: AIR 1989 SC 1055 (1057). (Income Tax Act, 1961, s. 214)...

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