Realisation - Law Dictionary Search Results
Home Dictionary Name: realisationExcess realisation
Excess realisation, 'excess realisation', in relation to each grade of levy sugar,--(i) means the price realised by any producer, on the sale of levy sugar of such grade, in excess of--(a) the controlled price, or(b) where any fair price has been fixed by a court for levy sugar of such grade, such fair price, and(ii) includes any realisation representing the differ-ence between the controlled price and the price allowed by the court by an interim order, if such interim order is set aside, whether by the court which made the order or in appeal or revision, Anakepalle Co-operative Agricultural and Industrial Society Ltd. v. Union of India, (1977) 4 SCC 130: AIR 1977 SC 2041....
Repatriate to India
Repatriate to India, means bringing into India the realised foreign exchange and--(i) the selling of such foreign exchange to an authorised person in India in exchange for rupees, or(ii) the holding of realised amount in an account with an authorised person in India to the extent notified by the Reserve Bank,and includes use of the realised amount for dis-charge of a debt or liability denominated in foreign exchange and the expression 'repatriation' shall be construed accordingly. [Foreign Exchange Man-agement Act, 1999 (42 of 1999), s. 2 (y) (i) (ii)]...
Administration
Administration, the giving or supplying of something. The term is used in three different senses. (1) granting of letters of administration to an administrator by the Probate Division. (2) The administration of the estate of a deceased person by an executor or administrator, i.e., the payment of his debts and the distribution of his assets among the persons entitled. See ss. 32 et seq., First Sched., Part III., of the (English) Administration of Estates Act, 1925, and Re Tony, (1931) 1Ch 202. (3) The administration of the estate by the Chancery Division in cases where difficulties have arisen in the course of administration. Orders for administration by the Chancery Division are made on originating summons, and only by the judge in person. see Trist. And Coote, Prob. Pr.; R. S. C. Ord. LV., rr. 3 et seq.; Seton on Judgments. And see ADMINISTRATOR; WIDOW.The body of ministers appointed by the Crown to carry on the government of the country; now more commonly called 'the Government.'The ...
Evacuee
Evacuee, The evacuee cannot take possession of his property. He cannot lease that property. He cannot sell that property without the consent of the Custodian. He can not mortgage that property. He can not realise the income of the property. On the other hand, the Custodian can take possession of that property. He can realise its income. He can alienate the property and he can under certain circumstances demolish the property. All the rights that the evacuee had in the property he left in Pakistan were exercisable by the Custodian excepting that he could not appropriate the proceeds for his own use. The evacuee cannot exercise any rights in that property except with the consent of the Custodian. He merely had some beneficial interest in that property. No doubt that residual interest in a sense is ownership, R.B. Jodha Mal Kuthiala v. Commissioner of Income-tax, (1971) 3 SCC 369: AIR 1972 SC 126: (1972) 2 SCR 127....
Input tax
Input tax, in relation to any period, means the amount of tax--(a) separately realised or realisable by registered dealer from a registered dealer in respect of purchases made by the latter dealer in West Bengal of taxable goods, other than such taxable goods as may be prescribed, required directly in connection with his business, or (b) paid or payable by a dealer (not being a shipper of jute) under section 11 or section 12 or section 14. [The West Bengal Value Added Tax Act, 2003, s. 2(18)]...
Levy and collect
Levy and collect, 'levy' would mean the assessment or charging or imposing tax, 'collect' in article 265 would mean the physical realisation of the tax which is levied or imposed. Collection of tax is normally a stage subsequent to the levy of the same. The enforcement of levy could only mean realisation of the tax imposed or demanded, (AIR 1972 SC 2563 followed), Somaiya Organics (India) Ltd. v. State of Uttar Pradesh, AIR 2001 SC 1723 (1732): (2001) 5 SCC 519. [Constitution of India, Article 265]...
Shall
Shall, a word of slippery semantics in a rule is not decisive and the context of the statute, the purpose of the prescription, the public injury in the event of neglect of the rule and the conspectus of circumstances bearing on the importance of the condition have all to be considered before condemning a violation as fatal, State of Punjab v. Shamlal Murari, (1976) 1 SCC 719.Shall, does not always mean that an act is obligatory or mandatory and it depends upon the context in which the word 'shall' occurs and the other circumstances, Ramnath Narayana Mauzo of Margoa v. Union Government of India, AIR 1968 Goa 85.Shall, does not always mean that the enactment is obligatory or mandatory. It depends upon the context in which the word shall occurs and the other circumstances, State of Madhya Pradesh v. Azad Bharat Finance Co., (1966) (Supp) SCR 473: (1967) 1 SCJ 815.Shall, in a statute, though generally taken in a mandatory sense, does not necessarily mean that in every case it shall have th...
Asset reconstruction
Asset reconstruction, means acquisition by any securitistion company or reconstruction company of any right or interest of any bank or financial institution in any financial assistance for the purpose of realisation of such financial assistance. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2 (1) (b)]...
Auctioneers
Auctioneers, licensed agents appointed to sell property and to conduct sales or auctions. They differ from brokers, in that the latter may both buy and sell, whereas auctioneers can only sell; also brokers sell by private contract, and auctioneers by public auction.An auctioneer is deemed the agent of both parties; he can bind virtue officii the seller and the purchaser of royalty by his memorandum of the sale under s. 40 of the (English) Law of Properties Act, 1925, replacing in part s. 4 of the Statute of Frauds; but he is only the agent of the seller before the fall of the hammer at the sale. He may sue the purchaser in his own name. An auctioneer is generally remunerated by a commission on the amount realised by the sale, or, if no sale has been effected, on the reserve.As to the right to specific performance when a mistake has been made by the auctioneer, see Re Hare and O'Moore's Contract, (1901) 1 Ch 93; McManus v. Fortescue, (1907) 2 KB 1. It has been held in Scotland that an a...
Capital gains
Capital gains, capital gains would be covered by the definition of 'income' in sub-s. (6C) of s. 2, only if they were chargeable under s. 12B. As noticed already, s. 12B as modified by the Finance Act 1949, did not charge any 'capital gains' arising between April 1, 1948, and April 1, 1957. Indeed s. 12B was not operative in these years (1948-57). During this period, 'capital gains', whether on the positive or the negative side, could not be computed and charged under s. 12B or any other provisions of the Act, Commissioner of Income-Tax (Central), Delhi v. Harprasad & Co. (P.) Ltd., (1975) 3 SCR 696: AIR 1975 SC 1282: (1975) 3 SCC 868.The goodwill generated in a newly commenced business cannot be described as an 'asset' within the terms of s. 45, and therefore its transfer is not subject to income tax under the head 'Capital gains', CIT, Bangalore v. B.C. Srinivasa Setty (1981) 2 SCR 938: (1981) 2 SCC 460: AIR 1981 SC 972.The profit realised when a capital asset is sold or exchanged, B...
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