Purchase Value - Law Dictionary Search Results
Home Dictionary Name: purchase valuePurchase value
Purchase value, means the value of the specified goods as ascertained from the original invoice and includes insurance, excise, duties, counter-vailing duties, sales tax, transport fee, octroi, freight charges and all other charges incidentally levied on the purchase of the specified goods and in the case of the specified goods mentioned at serial number 1 of the schedule also the value of accessories fitted therein:Provided that where purchase value of the specified goods is not ascertainable on account of non-availability or non-production of the original invoice, or when the invoice produced is proved to be false, or if the specified goods are acquired or obtained otherwise they by way of purchase, than the purchase value shall be the value or price at which the specified goods of the like kind or quality are sold or are capable of being sold, in open market in the local area. [The Gujarat Tax on entry of Specified Goods into Local Area Act, 2001, s. 2(i)]...
Taxable purchase value of goods
Taxable purchase value of goods, shall mean the purchase price at which a dealer has purchased the goods inclusive of charges borne by him as cost of transportation, packing, forwarding the handling commission, insurance, taxes, duties and the like or if such goods have not been purchased by him, the prevailing market price of such goods in the local area. [Rajasthan Tax on Entry of Goods into Local Areas Act, 1999, s. 2(r...
goodwill
goodwill 1 : an intangible asset that is made up of the favor or prestige which a business has acquired beyond the mere value of what it sells due to the personality or experience of those conducting it, their reputation for skill or dependability, the business's location, or any other circumstance incidental to the business that tends to draw and retain customers 2 a : the value of projected increases in the earnings of a business esp. as part of its purchase price b : the excess of the purchase price of a business above the value assigned for tax purposes to its other net assets NOTE: The Internal Revenue Code requires the purchaser of a business to allocate the purchase price among the various types of assets. Frequently the purchase price is greater than the sum of the values of the individual assets. The excess is labeled goodwill. Because of its indefinite life, goodwill is not amortizable as an asset. The purchaser will therefore usually try to keep the allocation to goodw...
Annuity
Annuity, in order to constitute an annuity, the payment to be made periodically should be a fixed or predetermined one, and it should not be liable to any variation depending upon or on any ground relating to the general income of the fund or estate which is charged for such payment, CWT v. P. K. Banerjee, (1981) 1 SCC 63 (75): AIR 1981 SC 401. [Wealth-Tax Act, 1957, s. 2(e)(1)(iv)]It is a right to receive a specified sum and not an aliquot share in the income arising from any fund or property. Ordinarily an annuity is a money payment of a fixed sum annually made and is a charge personally on the grantor, CWT v. Arundhati Balkrishna, (1970) 1 SCC 561 (565): AIR 1971 SC 915. [Wealth Tax Act, 1957, s. 2(e)(iv)]An annuity is a fixed sum payable annually either in perpetuity or for any less period. When charged upon land either freehold or leasehold both, exclusively of purely personal estate, it is strictly a rent charge; see (English) Real Property Limitation Act, 1833 (3 & 4 Will. 4, c....
Tax
Tax [fr. tasg, Wel.; taxe, Fr. and Dut.], an impost; a tribute imposed on the subject; an excise; tallage.A monetary charge imposed by government on persons, entities or properly to yield public revenue, Black's Law Dictionary, 7th Edn., p. 1469.Some general principles of taxation have been said to be:-(1) The subjects of every State ought to contribute to the support of the Government as nearly as possible in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the State. In the observation or neglect of this maxim consists what is called the equality or inequality of taxation.(2) The tax which each individual is bound to pay ought to be certain and not arbitrary. The time of payment, the manner of payment, the quality to be paid, ought all to be clear and plain to the contributor, and to every other person.(3) Every tax ought to be levied at the time, or in the manner, in which it is most likely to be co...
Purchaser for value without Notice
Purchaser for value without Notice. As to the position of such a purchaser, see the judgment of Lord Westbury, L.C., in Phillips v. Phillips, (1862) 4 De GF&J 208, and see NOTICE; LAND CHARGE....
L'sio ulta dimidium vel enormis
L'sio ulta dimidium vel enormis, the injury sustained by one of the parties to an onerous contact when he had been overreached by the other to the extent of more than one-half of the value of the subject-matter-e.g., when a vendor had not received half the value of property sold, or the purchaser had paid more than double value, Colq. Rom. Civ. Law, s. 2094. See Moyle's 'Contract of Sale in Civil Law.'...
Laesio enormis
Laesio enormis, means 'loss beyond half or great', (1) The sale of a thing for which the buyer paid less than half of its real value. The seller could rescind the sale, but the buyer could keep the item purchased by paying the full value. (2) The principle by which a seller may rescind a contract if a sale yields less than half the true value of the thing sold. Also termed lesion, Black's Law Dictionary, 7th Edn., p. 880....
Registration of title of land
Registration of title of land. The (English) Land Registration Act, 1925 (15 Geo. 5, c. 21), repeals and re-enacts the (English) Land Transfer Acts, 1875 (38 & 39 Vict. c. 87) and 1897 (60 & 61 Vict. c. 65), with amendments in keeping with innovations which were introduced by the property laws of 1925. Its object is to simplify the indicia of land ownership and transfer by mere inscription and transcription in a register. The advantages which are claimed for the system are (a) purchasers for value of an absolute or good leasehold title are absolved from any inquiry into the title other than it is shown to be on the register; (b) certain equitable claims which would be binding on the land under the general law and cannot be removed or over-reached without onerous formalities do not affect such purchasers; (c) the method of conveyance or charge is simple; (d) subject to the statutory provisions, registration guarantees the title to purchasers for value and mortgagees. It should be observ...
Title, Covenants for
Title, Covenants for. In every conveyance of real or personal property expressed to be conveyed by the instrument of conveyance made on or after the 1st January, 1882, and in regard to assents by personal representatives, after 1925, of land, certain 'covenants for title' (being for the most part usually expressed in the conveyance before that date), of which the following is an abstract, are implied by virtue of the 7th s. of the (English) Conveyancing Act, 1881 (44 & 45 Vict. c. 41), replaced and extended by the (English) Law of Property Act, 1925, s. 76, and 2nd Sch., but in the following cases A and B the covenants are limited, while in cases C and D they are unqualified and absolute, see David v. Sabin, (1893) 1 Ch 523:-(A) In a conveyance for valuable consideration other than a mortgage by a person expressed to convey as beneficial owner:-That, notwithstanding anything done, omitted, etc., by the person conveying, or anyone through whom he derives title otherwise than by purchase...
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