Profits - Law Dictionary Search Results
Home Dictionary Name: profitsOffice of profit
Office of profit, a person who was a Pramukh at the time of filing of nomination papers and who was drawing a honorarium was not holding an office of profit, Umrao Singh v. Yeshwant Singh, AIR 1970 Raj 134 (141). [Constitution of India, Art. 102(1)(a)]It need not be in the service of Government. Generally it is understood that an office means a position to which certain duties are attached. An office of profit involves two elements namely that there should be such an office and that it should carry some remunerations. It is not the same as holding a post under the Government and therefore for holding an office of profit under the Government, a person need not be in the service of the Government, Satrucharla Chandrasekhar Raju v. Vyricherla Pradeep Kumar Devi, AIR 1992 SC 1959: (1992) 4 SCC 404.The word 'office' does not, therefore, necessarily imply that it must have an existence apart from the person, who may hold it. Cases are known, in which, in order to make use of the Special know...
Smallness of profit
Smallness of profit, the Legislature has deliberately used the expression 'smallness of profit' and not 'smallness of assessable income' and there is noth-ing in the context in which the expression 'small-ness of profit' occurs which justifies equation of the expression 'profit' with 'assessable income.' Smallness of the profit in s. 23A has to be adjudged in the light of commercial principles and not inthe light of total receipts, actual or fictional, Commissioner of Income Tax v. Bipinchandra Maganlal and Co., AIR 1961 SC 1040 (1043): (1961) 2 SCR 493.(ii) The words 'smallness of profit' in the s. 23 of the Income Tax Act, 1922 refer to actual accounting profits in comparison with the assessable profits of the year. In arriving at the assessable profits the Income-tax Officer may disallow many expenses actually incurred by the assessee; and in computing his income, he may include many items on notional basis. But the commercial or accounting profits are the actual profits earned by a...
Accounting profits and assessable profit
Accounting profits and assessable profit, these two concepts, 'accounting profits' and 'assessable profit', are distinct. In arriving at the assessable profits the Income-tax Officer may disallow many expenses actually incurred by the assessee; and in computing his income, he may include many items on notional basis, But the commercial or accounting profits are the actual profits earned by an assessee by as assessee calculated on commercial principles, C.I.T. v. Gangadhar Banarjee & Co. (P) Ltd., AIR 1965 SC 1977 (1981): (1965) 3 SCR 439. [Income-tax Act (11 of 1957), s. 23A]...
Mesne profit
Mesne profit, of property means those profits which the person in wrongful possession of such property actually received or might with ordinary diligence have received therefrom, together with interest on such profits, but shall not include profits due to improvements made by the person in wrongful possession. [Code of Civil Procedure, 1908 (5 of 1908), s. 2 (12)]As defined in s. 2(12) of the Code of Civil Procedure, 1908 are profits which the person in wrongful possession of property actually received or might with ordinary diligence have received therefrom, together with interest on such profits, but do not include profits due to improvements made by the person in wrongful possession. The normal measure of mesne profits is the value of the user of land to the person in wrongful possession, Fateh Chand v. Balkishan Dass, AIR 1963 SC 1405 (1413): (1964) 1 SCR 515. [Code of Civil Procedure, 1908, s. 2(12)]...
Mesne profits, action of
Mesne profits, action of, an action of trespass brought to recover profits derived from land, whilst the possession of it has been improperly withheld: that is, the yearly value of the premises. 'Mesne profits are the rents and profits which a trespasser has, or might have, received or made during his occupation of the premises, and which therefore he must pay over to the true owner as compensation for the tort which he has committed. A claim for rent is therefore liquidated, while a claim for mesne profits is always unliquidated' (Odgerson Pleading).The action should be brought in the name of the plaintiff, who has recovered judgment in the ejectment, and lies against any person found in possession of the premises after a recovery in ejectment.The jury are not bound by the amount of the rent, but may give extra damages. But ground-rent paid by the defendant should be deducted from the damages. A plaintiff may recover in this action the costs o the action of ejectment.As to the date fr...
Net profits
Net profits, clear profits after all deductions, see Watson v. Haggitt, 1928 AC 127. [s. 42, Indian Trusts Act]Net profits, the 'net profits' means the divisible profits and are to be ascertained after deduction of excess profits tax which is payable by the assessee, CIT v. Delhi Flour Mills Co. Ltd., AIR 1959 SC 185 (188): 1959 Supp (1) SCR 28. [Excess Profits Tax Act, 1940, s. 4]...
Profit a prendre
Profit a prendre, ' right for a man, in respect of his tenement, to take some profit out of the tenement of another man. Except in the case of a copyholder no claim of a profit ' prendre in alieno solo can be made by custom, nor can it be claimed by a fluctuating body such as the inhabitants of a place (Williams on Rights of Common, p. 194). See LAMMAS LANDS. A prescription in a que estate for a profit a prendre in alieno solo without stint and for commercial purposes is unknown to the law, Harris v. Chesterfield (Earl), 1911 AC 623. As to a demise of a profit a prendre, see Radcliff v. Hayes, (1907) 1 Ir R 101. A profit a prendre in gross is a right of property which may be dealt with and transferred in the manner appropriate to the right, Welcome v. Upton, (1840) 6 M&W 536. Consult Gale on Easements, and Hall on Profits a Prende....
Office of profit under the government
Office of profit under the government, the term 'office of profit under the government' used in clause (a) is an expression of wider import than a post held under the government which is dealt with in Part XIV of the Constitution. The true principle behind this provision in Article 102(1)(a) is that there should not be any conflict between the duties and the interest of an elected member. Government controls various activities in various spheres and in various measures. But to judge whether employees of any authority or local authorities under the control of government become government employees or not or holders of office of profit under the government, measure and nature of control must be judged in the light of the facts and circumstances in each case so as to avoid any possible conflict between personal interests and duties, Ashok Kumar Bhattacharyya v. Ajoy Biswas, AIR 1985 SC 211: (1985) 1 SCC 151: (1985) 2 SCR 50.(ii) The term holding 'office of profit under the government' use...
profit a prendre
profit a prendre or profit À prendre [prÄ -fət-Ä -prÄ n-dər] n pl: profits À prendre or: profits À prendre [Anglo-French, literally, profit to be taken] : a right, privilege, or interest that allows one to use the soil or products (as fish and game) of another's property ...
Profit bonus
Profit bonus, a profit bonus is strictly not wages, at least not for the purpose of computing liability to income-tax; it is not an expense in the ordinary sense of the term, incurred for the purpose of earning profits. A fortiorari profits have already been made. It is more like sharing of profits on the basis of a certain formula, CIT v. Swadeshi Cotton and Flour Mills (P) Ltd., AIR 1964 SC 1766 (1769). [Income-tax Act, 1961, s. 36(i)(ii)]...
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial