Refund - Law Dictionary Search Results
Home Dictionary Name: refund Page: 2Found to be due
Found to be due, words 'found to be due' connotes that payment is outstanding, i.e., that there is subsisting obligation on the Income-tax Officer to pay. If a claim to refund is barred by a final order, it cannot be said that there is a subsisting obligation to make a payment, Hindustan Construction Co. Ltd. v. V.S. Gaitonde, AIR 1965 SC 1316 (1319). [Income-tax Act, 1922, s. 49E]...
Surcharge
Surcharge, an overcharge of what is just and right; exceeding one's powers or privileges; a declaration by an auditor that a person is personally liable to refund a particular part of public money illegally expended by him [see, e.g. the Public Health Act, 1875, s. 247 (7)]; a second or further mortgage. See AUDIT.1. An additional tax, charge, or cost usu. one that is excessive 2. An additional load or burden, Black's Law Dictionary, 7th Edn.The expression 'surcharge' in the context of taxation means an additional imposition which results in enhancement of the tax and the nature of the additional imposition is the same as the tax on which it is imposed as surcharge. A surcharge on land revenue is an enhancement of the land revenue to the extent of the imposition of surcharge. The nature of such imposition is the same viz., land revenue on which it is a charge, Sarojini Tea Co. (P) Ltd. v. Collector of Dibrugarh, AIR 1992 SC 1264 (1269): (1992) 2 SCC 156. [Assam Land Revenue and Land (S...
Contribution
Contribution, to any fund shall not include any sums in repayment of loan. [Income-tax Act, 1961 (43 of 1961), s. 80C(8)(ii)]Means the sum of money payable to the corporation by the principal employer in respect of an employee and includes any amount payable by or on behalf of the employee in accordance with the provisions of this Act. [Employees' State Insurance Act, 1948 (34 of 1948), s. 2(4)]The word 'contribution' used in the proviso must also be given its due meaning. It cannot be understood as donations. If that be so, a voluntary contribution cannot amount to a compulsive donation. If the donor, in order to gain an advantage or benefit, if he apprehends that but the contribution some adverse consequence would follow, makes a donation certainly it ceases to be voluntary, Municipal Corpn. of Delhi v. Children Book Trust, AIR 1992 SC 1456 (1472): (1992) 3 SCC 390. [Delhi Municipal Corporation Act, 1957, (66 of 1957), s. 115(4)(a), Proviso]The performance by each of two or more pers...
renegotiate
renegotiate : to negotiate again (as for more money or to adjust interest rates or repayments) ;specif : to determine under statutory procedure the existence and amount of excess profits on (a government contract) in order to eliminate or obtain a refund of such profits vi : to negotiate again ;specif : to adjust a government project price in order to eliminate or recover excessive profits re·ne·go·ti·a·tion [-ni-gō-shē-ā-shən, -gō-sē-] n ...
annuity
annuity pl: -ities [Medieval Latin annuitas, from Latin annuus yearly] 1 : an amount payable at regular intervals (as yearly or quarterly) for a certain or uncertain period 2 : the grant of or the right to receive an annuity [his will included annuities for several old friends] 3 : a contract (as with an insurance company) under which one or more persons receive annuities in return for prior fixed payments made by themselves or another (as an employer) annuity cer·tain pl: annuities certain : an annuity payable over a specified period even if the annuitant dies annuity due pl: annuities due : an immediate annuity in which the payment of the benefits is made at the beginning of each payment interval rather than at the end contingent annuity : an annuity whose starting or ending date depends on the occurrence of an event (as the death of the annuitant) whose date is uncertain con·ven·tion·al annuity : an annuity under which the annuitant receives a specified...
Assessee
Assessee, means an (i) individual; or (ii) a Hindu undivided family, or (ii) an association of persons or a body of individuals consisting, in either case, only or husband and wife governed by the system of community of property in force in the State of Goa and union territories of Dadra and Nagar Haveli and Danan and Din by whom, or on whose behalf investment in made. [Equity Linked Savings Scheme, 2005, s. 2(b)]--includes deemed assessee. Income Tax Officer v. Delhi Development Authority (2002) 1 SCC 695: AIR 2002 SC 264 (267). [Income Tax Act (43 of 1961) s. 2 (7)]Means a person by whom wealth-tax or any other sum of money is payable under this Act, and includes--(i) every person in respect of whom any proceeding under this Act has been taken for the determination of wealth-tax payable by him or by any other person or the amount of refund due to him or such other person. (ii) very person who is deemed to be an assessee under this Act. (iii) every person who is deemed to be an assess...
rebate
rebate : a refund or deduction of part of a payment, price, or charge re·bate [rē-bāt, ri-bāt] vb ...
equitable recoupment
equitable recoupment : a doctrine that allows the government to collect a tax or a taxpayer to collect a refund of tax after the running of the statute of limitations for such collection in cases where the statute of limitations creates an inequitable result ...
reserve
reserve re·served re·serv·ing : to keep back or set apart: as a : to keep (a right, power, or interest) esp. by express declaration [all rights reserved] compare waive b : to defer a determination of (a question of law) [the justices reserved the question because it was not an issue in the case] n 1 : something stored or kept available for future use [an energy company with various unproven oil s] 2 : an act of reserving 3 : money kept in a separate account to meet future liabilities legal reserve : the minimum amount as determined by government standards of the deposits held by a bank or of the assets of a life insurance company required by law to be kept as reserves loss reserve 1 : a reserve allocated by a bank for the purpose of absorbing losses [a loan loss reserve] 2 : an insurance company's reserve representing the discounted value of future payments to be made on losses which may have already occurred policy reserve : an insurance company's reserve r...
nonreturnable
That may not be returned for a refund of purchased goods or containers for purchased items as nonreturnable bottles Opposite of returnable...
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