May V Commissioner - Law Dictionary Search Results
Property
ordinary connotation of the word 'property', Chunni Lal v. State, AIR 1968 Raj 70. In commercial law this may carry its ordinary meaning of the subject-matter of ownership. But elsewhere, as in the sale of goods it … context might require, it signifies every possible interest which a person can acquire, hold and enjoy, J.K. Trust v. Commissioner of Income Tax, AIR 1957 SC 846 (849): (1958) SCR 65. [Income Tax Act, 1922, s. 4(3)(i)] (vi)
Income
loss policies, were income within the meaning of s. 2(6c) of the Income Tax Act, Raghuvanshi Mills Ltd. v. Commissioner of Income Tax, AIR 1953 SC 4: (1953) SCR 177. Income connotes a periodical monetary return 'coming in' … The expression 'income' in its normal connotation does not mean mere production or receipt of a commodity which may be converted into money. Income arises when the commodity is disposed of by sale consumption or use in
Information
state of the law and so would cover information as to relevant judicial decisions, Maharaj Kumar Kamal Singh v. Commissioner of Income Tax, AIR 1959 SC 257: (1959) Supp 1 SCR 10. [Income Tax Act, 1922, s. 34] … proceedings under (English) Road and Rail Traffic Act, 1933 (23 & 24 Geo. 5, c. 53), s. 112, may be brought by the Road Traffic Act, 1934 (24 & 25 Geo. 5, c. 50), s. 33 (1),
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Person
Person, a Hindu Undivided Family is a person, Kshetra Mohan-Sannyasi Charan Sadhukhan v. Commissioner of Excess Profit Tax, West Bengal, AIR 1953 SC 516. According to company law it does not mean … unincorporate' unless the contrary intention appears, Interpretation Act, 1889, s. 19. A corporation, such as a limited company, may be a 'respectable and responsible person' within the meaning of a covenant against assignment in a lease, Willmott
Goodwill
is run and what the competition is, contribute also to the goodwill. S.C. Cambatta and Co. Pvt. Ltd. v. Commissioner of Excess Profits Tax, AIR 1961 SC 1010 (1012): (1961) 2 SCR 805. Goodwill denotes the benefit arising … Goodwill, may be the whole advantage belonging to the firm, its reputation as also connection thereof. It, thus, means that
Business
Mad 892. Though ordinarily 'business' implies a continuous activity in carrying on a particular trade or avocation, it may also include an activity which may be called 'quiescent', CIT v. Calcutta National Bank Ltd., AIR 1959 SC … would undoubtedly be property, unless there is something to the contrary in the enactment, J.K. Trust Bombay v. CIT, (1958) SCR 65: 1957 SCJ 845: AIR 1957 SC 846. Business includes the activities carried on by any
Manufacture
transformation, a new and different article must emerge having a distinctive name, character or use, Hindustan Poles Corporation v. Commissioner of Central Excise, (2006) 4 SCC 85: (2006) 4 JT 185: (2006) 3 SCALE 601: (2006) 4 SLT … 1954), s. 2 (viiib)] It means-- (1) all processes other than production by which such drugs or substances may be obtained; (2) refining of such drugs or substances; (3) transformation of such drugs or substance; and (4)
Adequate consideration
were held to denote consideration other than mere love and affection which, in the case of a wife, may be presumed. When the law insists that there should be 'adequate consideration' and not good consideration , it … consideration would not apply to a gift, as a gift is a transfer without consideration, Kumari Sonia Bhatia v. State of U.P., AIR 1981 SC 1274: (1981) 2 SCC 585. [Contract Act, 1872, s. 2(b) (9 of … decision of Hidayatullah, J. as he then was in Tulsidas Kilachand v. CIT shows that the words 'adequate consideration' were held to denote consideration other
Consideration
by one for the act or promise of another, Regional Provident Fund Commissioner v. Shiv Kumar Joshi, (2000) 1 SCC 98. A valuable consideration in … is attended by formalities from which a deliberate intention to make a binding promise is presumed. Valuable consideration may be described as the very life and soul of a simple contractor parol agreement. Valuable consideration may be:-- … 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
Salami
it may properly be held to be a payment on capital account, Maharaja Chintamani Saran Nath Sah Deo v. CIT, AIR 1972 SC 80 (81): (1971) 2 SCC 521: (1972) 1 SCR 36. 'Salami' is defined as; … the lessor by the lessee to enjoy the benefits granted to him by the lease. That general right may properly be regarded as a capital asset and the money paid to purchase it may properly be held … a payment on capital account, Maharaja Chintamani Saran Nath Sah Deo v. CIT, AIR 1972 SC 80 (81): (1971) 2 SCC 521: (1972) 1 SCR
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