Profits - Law Dictionary Search Results

Earned surplus

Earned surplus, it represents a specific account into which are added the net profits of the year and appropriations are made out of it and the balance is regarded as 'earned surplus'

Hereditaments

they mean the same thing as land), and incorporeal, which are not tangible, and are the rights and profits annexed to, or issuing out of, land. It includes money held in trust to be laid out in

the facts and circumstances on which assessment had been made or relief granted, and that when the Excess Profits Tax Officer finds that an assessee to whom relief had been granted under s. 26(3) has utilised the

Keep your definitions linked to case research

Try free for 7 days See all features

Possession

state of owning or having in one's hands or power. It includes possession by receipt of rents and profits, Gaddam Vekayamma v. Gaddan Veerayya, (1956) Andh LT 77: (1956) Andh WR 988 (NOC) (DB). Possession, the state

Welsh mortgage

conveyance of an estate redeemable at anytime by the mortgagor, on payment of the loan; the rents and profits of the estate being received in the meantime by the mortgagee, in satisfaction of interest subject, however, to

Reserve

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 & Manufacturing Co.

Profit bonus

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

Reserve and provision

1981 SC 2105: (1981) 4 SCC 435: (1982) 1 SCR 789. A 'provision' is a charge against the profits, being made against anticipated losses and contingencies. A 'reserve', on the contrary, is an appropriation of profits; the

Partnership

their rights and duties in relation to the partnership. They provide, amongst other things, for equal shares in profits and equal contributions to losses; for indemnification of every partner by the firm in respect of payments properly

Mortgage

any property, whether real or personal, including estates-tails. A mortgagor in possession or receipt of the rents and profits of any land, as to which the mortgagee has given no notice of intention to enter into possession

‹ Prev
2
3
4
5
6
7
8
9
10
11
12
Next ›
Last »

Try the research workspace - 7 days free

Try free for 7 days