Regular Income - Law Dictionary Search Results
Home Dictionary Name: regular incomeregular income
regular income : income (as wages or pension benefits) that is received at fixed or uniform intervals ...
Income
Income, s. 4 of the Income-tax Act, defines the 'total income' to include all income, profits and gains from whatever source deprived. The definition of 'income' in Shaw Wallace & Co. case, 1932 (59) IA 206, as a periodical monetary return coming in with some sort of regularity, or expected regularity, from definite sources must be read with reference to the peculiar facts of that case. Money received 'under consequential loss policies, were income within the meaning of s. 2(6c) of the Income Tax Act, Raghuvanshi Mills Ltd. v. Commissioner of Income Tax, AIR 1953 SC 4: (1953) SCR 177.Income connotes a periodical monetary return 'coming in' with some sort of regularity, or expected regularity from definite sources, E.D. Sassoon and Co. Ltd. v. Commissioner of Income Tax, AIR 1954 SC 470: (1955) 1 SCR 313.The expression 'income' in entry 54 of List I of the Seventh Schedule to the Government of India Act, 1935, and the corresponding entry 82 of List 1 of the Seventh Schedule to the Const...
Regularly
Regularly, the word 'regularly' in clause (b) of s. 12(3) has a significance of its own. It enjoins a payment or tender characterised by reasonable punctuality, that is to say, one made at regular times or intervals. The regularity contemplated may not be a punctuality, of clock-like precision and exactitude, but it must reasonably conform with substantial proximity to the sequence of times or intervals at which the rent falls due, Mranalini B. Shah v. Bapalal Mohanlal Shah, AIR 1980 SC 954 (956): (1980) 4 SCC 251. [Bombay Rents, Hotel and Lodging House Rates Contral Act, 1947, s. 12(3)(b)](ii) The word 'regularly' to mean payment of rent in a uniform and consistent manner without any breach or default. The legislature never contemplated that a single default could be condoned. This inference is fortified by the words 'without sufficient cause'. A correct interpretation of the plain language and the words and phrases used in cl. (ii) of s. 9(1) of the Act seems that the word 'regular' ...
Regular assessment
Regular assessment, section 148 mandates the Assessing Officer to serve a notice on the assessee before making the assessment, reassessment or re-computation under s. 147. From the aforemen-tioned provisions, it is manifest that an initial assessment made by the Assessing Officer either on the assessee voluntarily furnishing a return of the income or furnishing such a return on being served a notice under s. 148, is a 'regular assessment' under s. 2(40) of the Act, but an order passed by the Assessing Officer making a reassessment or revised assessment in a case where an assessment had been made, does not come within the meaning of the said expression, K. Govindan and Sons v. CIT, AIR 2001 SC 254: (2001) 1 SCC 460....
Regularly kept books of account
Regularly kept books of account, to ascertain whether a book of account has been regularly kept the nature of occupation is an eminent factor for weighment. The test of regularity of keeping accounts by a shopkeeper who has daily transactions cannot be the same as that of a broker in real estates. Not only their systems of maintaining books of account will differ but also the yardstick of contemporaneity in making entries therein. It is not possible to accept the view that an entry must necessarily be made in the book of account at or about the time the related transaction takes place so as to enable the book to pass the test of 'regularly kept'. The rule fixes no precise time and each case must depend upon its own circumstances, CBI v. V.C. Shukla, AIR 1998 SC 1406: (1998) 3 SCC 410....
In the opinion of Income Tax Officer
In the opinion of Income Tax Officer, The expression 'in the opinion of the Income-tax Officer' in the proviso to s. 13 of the Indian Income-tax Act, 1922, does not confer a mere discretionary power, in the context it imposes a statutory duty on the Income-tax Officer to examine in every case the method of accounting employed by the assessee and to see whether or not it has been regularly employed and to determine whether the income, profits and gains of the assessee could properly be deduced therefrom, CIT v. A. Krishnaswamy Mudaliar, AIR 1964 SC 1843: (1964) 7 SCR 776. (Income-tax Act, 1922, s. 13...
current monthly income
current monthly income The average monthly income received by the debtor over the six calendar months before commencement of the bankruptcy case, including regular contributions to household expenses from nondebtors and income from the debtor's spouse if the petition is a joint petition, but not including social security income and certain other payments made because the debtor is the victim of certain crimes. Source: Administrative Office of the U.S. Courts ...
Regularity
The condition or quality of being regular as regularity of outline the regularity of motion...
On a regular basis
On a regular basis, when a person is appointed to a post against a permanent vacancy on probation, his appointment is on a regular basis, but when a person is appointed to a post on a purely temporary or on an ad hoc basis, the appointment is not on a regular basis, K. Madhavan v. Union of India, AIR 1987 SC 2291 (1296): (1987) 4 SCC 655: (1988) 1 SCR 421. (Constitution of India, Art. 309)...
Regular
Regular, 'regular' means a consistent course of conduct without any break or breach, Mrs. Raj Kanta v. Financial Commissioner, AIR 1980 SC 1464 (1466): (1980) 3 SCC 589: (1980) 3 SCR 1006.Means (1) conforming to a rule or principal systematic; (2) harmonious symmetrical; (3) acting or done or recurring uniformly or calculably in time or manner, habitual, constant, orderly; (4) conforming to a standard of etiquette or procedure, correct, according to convention; (5) properly constituted or qualified; not defective or amateur, pursuing an occupation as one's main pursuit'. The word regular does not mean 'actual', Union of India v. K.B. Rajoria, AIR 2000 SC 1819.Means (1) conforming to a rule or principle; systematic. (2) harmonious, symmetrical (3) acting or done or recurring uniformly or calculably in time or manner habitual, constant, orderly (4) conforming to a standard of etiquette or procedure; correct; according to convention. (5) properly constituted or qualified; not defective or...
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