Quantity Discount - Law Dictionary Search Results

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Quantity discount

Quantity discount, can be defined as a dealer receives from the assessee a stated extra quantity if he buys a certain other quantity, CCE v. Hindustan Lever Ltd., (2002) 10 SCC 545. [Central Excise Act; 1944, s. 4(4)(d)(ii)]...

Discount

Discount [fr. dis and conte, Fr.], abatement; commonly a sum of money deducted from a money obligation in consideration of its payment before the stipulated time.Discount means the sum of money or the quantity of grain which a prized subscriber is, under the terms of the chit agreement, required to forego and which is set apart under the said agreement to meet the expenses of running the chit or for distribution among the subscribers or for both. [Chit Funds Act, (40 of 1982), s. 2(g)]Means the difference between the amount received or receivable by the infrastructure capital company or infrastructure capital fund or public sector company issuing the bond and the amount payable by such company or fund or public sector company on maturity or redemption of such bond. [Income Tax Act, 1961 (43 of 1961), s. 36(1) iii-a Expl.]...

Weights and measures

Weights and measures, instruments for reducing the quantity and price of merchandise to a certainty, that there may be the less room for deceit and imposition. See AVOIRDUPOIS; TROY WEIGHT; and METRIC SYSTEM.The adjustment of weights and measures is a prerogative of the Crown, and has from an early date been regulated by statute-the Weights and Measures Act, 1878. The 25th and 26th sections enact that:25. Use or Possession for Use.-Every person who uses or has in his possession for use for trade any weight, measure, scale, balance, steelyard, or weighing machine which is false or unjust, shall be liable to a fine not exceeding 5l., or in the case of a second offence 20l. [as amended by the W. and M. Act, 1889], and any contract, bargain, sale, or dealing made by the same shall be void, and the weight, measure, scale, balance, or steelyard shall be liable to be forfeited.26. Fraud in Use.-Where any fraud is wilfully committed in the using of any weight, measure, scale, balance, steelyar...

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