Interest - Law Dictionary Search Results
Home Dictionary Name: interest Page: 2Interest on securities
Interest on securities, means interest on promissory notes or bonds issued by the Government of India or any other State Government or the interest on debentures or other securities issued by or on behalf of a local authority or company. It being a specific head of chargeability of tax, income from 'interest on securities' whether held as a trading asset or capital asset would have to be taxed under s. 8 and not under s. 10 of the Act, United Commer-cial Bank Ltd. v. Commissioner of Income Tax, AIR 1957 SC 918: (1958) SCR 79....
Interest upon interest
Interest upon interest, compound interest....
Policy Proof of Interest (P.P.I.) (English)
Policy Proof of Interest (P.P.I.) (English). A policy of marine insurance which was made valid by its terms, although the insurer had no insurable interest. Such a policy in the absence of an insur-able interest is made void by the Gaming Act, 1845. The Marine Insurance Act, 1906 (s. 4), specifically declares such policies void. The Marine Insurance (Gambling Policies) Act, 1909, makes it an offence to effect a contract of marine insurance without an insurable interest....
Tax, interest and penalty
Tax, interest and penalty, tax, interest and penalty are three different concepts. Tax becomes payable by an assessee by virtue of the charging provision in a taxing statute. Penalty ordinarily becomes payable when it is found that an assessee has wilfully violated any of the provisions of the taxing statute. Interest is ordinarily claimed from an assessee who has withheld payment of any tax payable by him and it is always calculated at the prescribed rate on the basis of the actual amount of tax withheld and the extent of delay in paying it. It may not be wrong to say that such interest is compensatory in character and not penal, Associated Cement Company Limited v. Commercial Tax Officer, AIR 1981 SC 1887: (1981) 4 SCC 578: (1982) 1 SCR 563....
Unity of interest
Unity of interest, means coparceners or joint tenants are said to have unity of interest where none has a greater interest in the joint property than the other. By and large, there exists a sort of unity of interest in the properties held by spouses, PUCL v. Union of India, (2003) 4 SCC 399....
Vested interest
Vested interest, when there is immediate right of present right for future enjoyment. An interest is said to be contingent if the right of enjoyment is made dependent upon some event or condition which may or may not happen. On the happening of the event or condition a contingent interest becomes a vested interest, Quoted from B.N. Vishweswariah v. Usha Subarao, (1996) 5 SCC 201; Kokilambal v. N. Raman, (2005) 11 SCC 234....
Equitable interests
Equitable interests, all estates, interest and charges in or over land (other than those which can subsist at law) such as estates tail, life interests and remainders, take effect as equitable interests, Law of Property Act, 1925, s. 1(3), (UK). See also Halsbury's Laws of England (39), para 347, p. 243....
Any person interested in a wakf
Any person interested in a wakf, the expression 'any person interested in a waqf' must mean 'any person interested in what is held to be a waqf'. It is only persons who are interested in a transaction which is held to be a waqf who would sue for a declaration that the decision of the Commissioner of the Waqfs in the behalf is wrong, and that the transaction in fact is not a waqf under the Act, Siraj-ul-Haq Khan v. Sunni Control Board of Wakf., AIR 1959 SC 198 (204). [U.P. Muslim Wakfs Act, 1936 (13 of 1936), s. 5(2)]...
Related witness and interested witness
Related witness and interested witness, 'related' is not equivalent to 'interested'. A witness may be called 'interested' only when he or she derives some benefit from the result of a litigation; in the decree in a civil case, or in seeing an accused person punished. A witness who is a natural one and is the only possible eyewitness in the circumstances of a case cannot be said to be 'interested', State of Rajasthan v. Kalki, AIR 1981 SC 1390 (1391): (1981) 2 SCC 752: (1981) 3 SCR 504. (Evidence Act, 1872, s. 3)...
Disputed chargeable interest
Disputed chargeable interest, 'disputed chargeable interest', in relation to an assessment year, means the whole or so much of the chargeable interest as is relatable to the disputed tax. [Kar Vivad Samadhan Scheme, 1998, s. 87(d)]...
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