Receipt - Law Dictionary Search Results
Home Dictionary Name: receiptReceipt
Receipt, an acknowledgment in writing of having received a sum of money, which is prima facie but not conclusive evidence of payment, Skaife v. Jackson, (1824) 3 B&C 421.The act of receiving something; a written acknow-ledgment that something has been received, Black's Law Dictionary, 7th Edn.A stamp duty first imposed in 1783 was progressively ad valorem, until 1853, when the uniform 1d. rate was imposed; this was increased to 2d. by the Finance Act, 1920.For the purposes of the Stamp Act, 1891, the expression 'receipt' is defined (s. 101) as including--(1) Any note, memorandum, or writing whereby any money amounting to two pounds or upwards, or any bill of exchange or promissory note for money amounting to two pounds or upwards, is acknow-ledged or expressed to have been received or deposited or paid, or whereby any debt or demand, or any part of a debt or demand, of the amount of two pounds or upwards, is acknowledged to have been settled, satisfied, or discharged, or which signifie...
Accountable receipt
Accountable receipt, a written acknowledgment of the receipt of money or goods to be accounted for by the receiver. It differs from an ordinary receipt, or acquittance, in this, that the latter imports merely that money has been paid. See Clark v. Newsam, (1847) 1 Ex. 131. By the (English) Forgery Act, 1913 (3 & 4 Geo. 5, c. 27), ss. 2(2) and 18, the forgery of an accountable receipt, or any assignment thereof or endorsement thereon with intent to defraud, is a felony punishable with penal servitude for not exceeding 14 years....
Railway receipt
Railway receipt, a 'railway receipt' is a document of title to goods, and, for all purposes, represents the goods. When the railway receipt is handed over to the consignee on payment, the property in the goods is transferred, Commissioner of Income Tax v. Bhopal Textiles Ltd., AIR 1961 SC 426: (1961) 2 SCR 9.Means the receipt issued under s. 65. [Railways Act, 1989 (24 of 1989), s. 2 (33)]...
Capital and revenue receipt
Capital and revenue receipt, distinction between revenue and capital in the law of income tax is fundamental. Tax is ordinarily not levied on capital profits; it is levied on income. It is well-settled that sale of stock-in-trade or circulating capital or rendering service in the course of trading results in a trading receipt; sale of assets which the assessee uses as fixed capital to enable him to carry on his business results in capital receipt, C.I.T. v. Maheshwari Devi Jute Mills Ltd., AIR 1965 SC 1974: (1965) 3 SCR 765: AIR 1965 SC 1974 (1976). [Income-tax Act, 1922, s. 4(1)]...
Banker's receipt
Banker's receipt, a banker's receipt is a document issued by the seller bank acknowledging that it has received money for the sale of a particular security. It implies that the subject security is not readily available for delivery and that the same shall be delivered against the return of banker's receipt duly discharged, and in the meantime the securities are held by the seller bank on account of the purchaser, Citi Bank N.A. v. Standard Chartered Bank, (2004) 6 SCC 1 (16)....
Receipts arose out of the vocation
Receipts arose out of the vocation, the 'receipt arose out of the vocation' of the assessee and they were not casual and non-recurring and, hence, they were his income. The receipts were, therefore, taxable, Dr. K. George Thomas v. Commissioner of Income Tax, AIR 1986 SC 98: (1985) Supp SCC 580: (1985) Supp 2 SCR 936....
constructive receipt
constructive receipt : the receipt of taxable income (as interest on a savings account) that is implied by the income's ready availability to the taxpayer although it has not actually been collected ...
trust receipt
trust receipt : a trust agreement between a lender and a borrower by which the lender gives up possession of goods without abandoning title and the borrower agrees to hold the goods in trust for the lender and if the goods are sold to turn the proceeds over to the lender in settlement of the debt NOTE: The Article Nine security interest replaces the trust receipt where the Uniform Commercial Code has been adopted. ...
warehouse receipt
warehouse receipt : a receipt issued by a person engaged in the business of storage for hire that constitutes a document of title ...
Fixed deposit receipt
Fixed deposit receipt, the fixed deposit receipt is merely a written acknowledgement by the bank that it holds a certain sum to the use of its customers, Anumati v. Punjab National Bank, (2004) 8 SCC 498 (502)....
- << Prev.
- Next >>