Maintainable Profits - Law Dictionary Search Results
Home Dictionary Name: maintainable profits Page 1 of about 13 results ( seconds)Maintainable profits
Maintainable profits, The 'maintainable profits' would be a certain percentage (say 80%) of the net profits of the company after deduction of taxes payable by it and this would be a measure of potential yield per share, Commissioner of Wealth Tax v. Mahadeo Jalan, AIR 1973 SC 1023: (1973) 3 SCC 157: (1973) 2 SCR 215....
Public school
In Great Britain any of various schools maintained by the community wholly or partly under public control or maintained largely by endowment and not carried on chiefly for profit specif and commonly any of various select and usually expensive endowed schools which give a liberal modern education or prepare pupils for the universities Eton Harrow Rugby and Winchester are of this class...
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 ...
National insurance
National insurance. The (English) National Insur-ance Act, 1911 (1 & 2 Geo. 5, c. 55), introduced by Mr. Lloyd George, established a wide system of compulsory state insurance covering both ill-health and unemployment, which is based upon premiums contributed in part by the employer, in part by the employee, and in part by the State. The Act consisted of three parts, the first dealing with National Health Insurance, the second with Unemployment Insurance, and the third contained miscellaneous provisions. This Act remained the basis of National Health Insurance, although the subject of very extensive amendment, until the National Health Insurance Act, 1924, consolidated the law. The law has been consolidated again by the (English) National Health Insurance Act, 1936 (26 Geo. 5, and 1 Edw. 8, c. 32), amends and repeals the whole of the Acts passed in 1920, 1922, 1924 and 1928. The arrangement is as follows:-Part I. Insured Persons and Contributions.Part II. Benefits.Part III. Approved Soc...
Possession
Possession, correctly understood, means effective physical control or occupation. The word 'possession' is sometimes used inaccurately as synonymous with the right to possess, Gurucharan Singh v. Kamla Singh, (1976) 2 SCC 152.Possession, does not imply mere acts of the user, or of occupation alone, but the occupation must be with the intention of exercising some claim or right in respect of the property occupied. A person who has no claim to the property but succeeds by show of force in acquiring physical control over the same cannot be treated to be in its possession, notwith-standing his physical control over it, Ram Krishna v. Bhagwan Baksh Singh, (1961) All LJ 301.Possession, implies dominion and control and the consciousness in the mind of the person having dominion that he has it and can exercise it, Chhedi Ram v. Mahngoo Tiwari, 1969 All WR (HC) 230.Possession, in common parlance denoted to occupy, to have or hold as owner, to obtain, to maintain, Krishna Prasad Jaiswal v. Kanti...
Consideration
Consideration. Any act of the promisee (the person claiming the benefit of an obligation) from which the promisor (the person burdened with the obligation) or a stranger derives a benefit or advantage, or any labour detriment or inconvenience sustained or suffered by the promisee at the request, express or implied, of the promisor. See Laythoarp v. Bryant, 3 Scott 250; 2 Wms. Saund 137 h; Currie v. Misa, (1875) LR 10 Exch 153.Consideration is one of the facts which the courts require as evidence of intention, (a) that a person intends his promise to be binding on him, or (b) that he intends to divest himself of a beneficial interest in property. In its widest sense consideration is the price, motive or inducement for a promise or for a transfer of property from one person to another. The nature or quality of the consideration which will be sufficient for these purposes varies with the nature of the transaction and in the absence of consideration the Courts will, except in the case of s...
order
order 1 : a state of peace, freedom from unruly behavior, and respect for law and proper authority [maintain law and ] 2 : an established mode or state of procedure [a call to ] 3 a : a mandate from a superior authority see also executive order b : a ruling or command made by a competent administrative authority ;specif : one resulting from administrative adjudication and subject to judicial review and enforcement [an administrative may not be inconsistent with the Constitution "Wells v. State, 654 So. 2d 145 (1995)"] c : an authoritative command issued by the court [violated a court and was jailed for contempt] cease-and-de·sist order [sēs-ənd-di-zist-, -sist-] : an order from a court or quasi-judicial tribunal to stop engaging in a particular activity or practice (as an unfair labor practice) compare injunction, mandamus, stay consent order : an agreement of litigating parties that by consent takes the form of a court order final order : an order of a court...
Accounting year
Accounting year, means-(i) in relation to a corporation, the year ending on the day on which the books and accounts of the corporation are to be closed and balanced; (ii) in relation to a company, the period in respect of which any profit and loss account of the company laid before it in annual general meeting is made up, whether that period is a year or not; (iii) in any other case-(a) the year commencing on the 1st day of April; or (b) if the accounts of an establishment maintained by the employer thereof are closed and balanced on any day other than the 31st day of March, then, at the option of the employer, the year ending on the day on which its accounts are so closed and balanced: Provided that an option once exercised by the employer under paragraph (b) of this sub-clause shall not again be exercised except with the previous permission in writing of the prescribed authority and upon such conditions as that authority may think fit. [Payment of Bonus Act, 1965 (21 of 1965), s. 2 (...
Costs-annual (aircraft operation)
Costs-annual (aircraft operation), in relation to the operation of an aircraft means the best estimate reasonably practicable at the time of a particular flight in respect of the year commencing on the first day of January preceding the date of the flight, of the costs of keeping and maintaining and the indirect costs of operating the aircraft, such costs in either case excluding direct costs and being those actually and necessarily incurred without a view to profit, Air Navigation Order, 1989, SI 1989/2004, Art. 106(1) (UK) Halsbury's Laws of England, Vol. 2, para 1274, p. 624....
Court-baron
Court-baron, a court which, before 1926 (see COPYHOLDS), although not one of record, was incident to every manor, and could not be severed therefrom. It was ordained for the maintenance of the services and duties stipulated for by lords of manors, and for the purpose of determining actions of a personal nature, where the debt or damage was under forty shillings.This court might be held at any place within the manor, giving fifteen days' notice, including three Sundays. Of the day when the court will be held; but three or four days' notice have been deemed sufficient. It was frequently held together with the court-leet, and generally assembled but once a year.The freehold tenants alone were suitors to the Court-baron; and it was essential to the existence of the court that there should be two suitors at the least; for since freemen can only be tried by their peers or equals, should there be but one freeman, he could then have no peer or judge, and consequently he had to appeal to the co...
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