Loss Reserve - Law Dictionary Search Results
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reserve
reserve re·served re·serv·ing : to keep back or set apart: as a : to keep (a right, power, or interest) esp. by express declaration [all rights reserved] compare waive b : to defer a determination of (a question of law) [the justices reserved the question because it was not an issue in the case] n 1 : something stored or kept available for future use [an energy company with various unproven oil s] 2 : an act of reserving 3 : money kept in a separate account to meet future liabilities legal reserve : the minimum amount as determined by government standards of the deposits held by a bank or of the assets of a life insurance company required by law to be kept as reserves loss reserve 1 : a reserve allocated by a bank for the purpose of absorbing losses [a loan loss reserve] 2 : an insurance company's reserve representing the discounted value of future payments to be made on losses which may have already occurred policy reserve : an insurance company's reserve r...
Reserve
Reserve, the term 'reserve' is not defined in the Act. The dictionary meaning of the word 'Reserve' is: To keep for future use or enjoyment; to store up for some time or occasion; to refrain from using or enjoying at once. To keep back or hold over to a later time or place or for further treatment. To set apart for some purpose or with some end in view; to keep for some use. To retain or preserve for certain purposes.' (Oxford Dictionary). In Webster's New International Dictionary, Second Edition, page 2118, 'Reserve' is defined as follows:To keep in store for future or special use; to keep in reserve; to retain, to keep, as for oneself. To keep back; to retain or hold over to a future time or place. To preserve, Commissioner of Income Tax v. Century Spinning and Manufacturing Co., AIR 1953 SC 501: (1954) SCR 203.(ii) As to what the word 'Reserves' as used in the Business Profits Tax Act connotes, was considered by this Court in Commissioner of Income-tax v. Century Spinning & Manufact...
Reserve and provision
Reserve and provision, the expression 'reserve' has not been defined in the Act and therefore one would be inclined to resort to its ordinary natural meaning as given in the dictionary but it seems to us that the dictionary meaning, though useful in itself, may not be sufficient, for, the dictionaries do not make any distinction between the two concepts 'reserve' and 'provision' which giving their primary meanings, whereas in the context of the legislation with which we are concerned in the case a clear distinction between the two is implied. According to the dictionaries (both Oxford and Webster) the applicable primary meaning of the word 'reserve' is: 'to keep for future use or enjoyment; to set apart for some propose or end in view; to keep in store for future or special use; to keep in reserve', while 'provision' according to Webster means: 'something provided for future'. In other words according to the dictionary meanings both the words are more or less synonymous and connote the...
fund
fund 1 : a sum of money or other resources whose principal or interest is set aside for a specific objective cli·ent security fund : a fund established by each state to compensate clients for losses suffered due to their attorneys' misappropriation of funds common trust fund : an in-house trust fund established by a bank trust department to pool the assets of many small trusts for greater diversification in investing executor fund : a fund established in estate planning to provide for the payment of final expenses by an executor joint wel·fare fund : a fund that is established by collective bargaining to provide health and welfare benefits to employees and that is jointly administered by representatives of labor and management paid-in fund : a reserve cash fund in lieu of a capital stock account set up by mutual insurance companies to cover unforeseen losses sink·ing fund : a fund set up and accumulated by regular deposits for paying off the principal on a debt...
Non-performing asset
Non-performing asset, means an asset or account of a borrower, which has been classified by a bank or financial institution as sub-standard, doubtful or loss asset, in accordance with the directions or under guidelines relating to assets classifications issued by the Reserve Bank. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2 (1) (o)]...
Joining together
Joining together, the expression 'joining together' in paragraph 16(1) is apparently used in its broad meaning. According to the Webster's New World Dictionary, 1962 Edn. Page 789 the word 'join' has these meanings. '(1) to place together, bring to-gether, connect, pass on, combine; (2) to make into one, unite; (3) to become a part or a member of; enter into association with; (4) to go to and combine with; (5) to enter into the company of' a company; (6) to go and take one's proper place in.' The word has evidently got several meanings. When it is used in the sense of 'combine', it may imply mingling together of things, often with a loss of distinction of elements that completely merge with one another, Ramashankar Kaushik v. Election Commission of India, AIR 1974 SC 445: (1974) 1 SCC 271. [Election Symbols (Reservations and Allot-ment Order, 1968, Para. 16(1)]There is nothing in the context to restrict its meaning to a case of merger of two or more political parties and their resultan...
Trust
Trust, is a comprehensive expression, as covering not only the relationship of trustee and beneficiary but also that a bailor and bailee master and servant pledger and pledgee, guardian and ward and all other relations which postulate the existence of fiduciary relationship between the complainant and the accused, State v. K.P. Jain, (1983) 2 Crimes 947 (All).Trust, is a trust for public purposes, the substances and primary intention of the creator must be seen, Shabbir Husain v. Ashiq Husain, AIR 1929 Oudh 225.Trust, is an obligation annexed to ownership. A trustee holds property 'subject' to an obligation, which the testator has imposed upon him, Mahadeo Ramchandra v. Damodar Vishwanath, AIR 1957 Bom 218: (1957) 59 Bom LR 478.Means any arrangement whereby property is transferred with intention that it be administered for another's benefit is a trust. It casts an obligation on the trustee to use the property for achieving the purpose for which the trust is created, Baba Jamuna Das Mah...
Without prejudice
Without prejudice, a phrase used in offers, in order to guard against any waiver of right; also for the purposes of negotiating a compromise. See PRE-JUDICE, WITHOUT.With loss of all rights; in a way that finally disposes of party's claim and bars any future action on the claim, Black's Law Dictionary, 7th Edn., p. 1596.The expression 'without prejudice' means; (1) that the matter had not been decided on merits, and (2) that fresh proceedings according to law were not barred, Superintendent (Tech. I) Central Excise v. Pratap Rai, AIR 1978 SC 1244 (1246): (1978) 3 SCC 113: (1978) 3 SCR 729; I.D.D., Jabalpur v. Pratap Rai, 1978 SC 1244 (1246).The classic definition of the phrase is contained in the judgment of Lindley, L.J. in Walker v. Wilsher, 1889 (23) QBD 337.What is the meaning of the words 'without pre-judice'? I think they mean without prejudice to the position of the writer of the letter if the terms he proposes are not accepted. If the terms proposed in the letter are accepted a...
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