Same Business - Law Dictionary Search Results
Home Dictionary Name: same businessSame business
Same business, the business of the company of deal-ing in shares and the business of manufacturing sugar and other commodities constitute the same business within the meaning of s. 24(2) of the Indian Income-tax Act, 1922, Standard Refinery and Distillery Ltd. v. Commissioner of Income Tax, AIR 1971 SC 2293: (1971) 1SCC 315: (1971) 3 SCR 378.In determining whether two lines of business constitute the 'same business' within the meaning of s. 24(2) of the Income-tax Act, the Income-tax authorities must consider the inter-connection, inter-lacing, inter-dependence and unity furnished by the existence management, common business organisation ,common administration, common Fund and a common place of business, Standard Refinery and Distillery Ltd. v. CIT, AIR 1970 SC 1379 (1380). [Income Tax Act, 1922, s. 24(2)]...
Same and similar
Same and similar, although the word same is frequently used in the sense of similar, the word similar never means 'same', AIR 1956 Punj 49 (55). (Partnership Act, 1932, s. 54)The two words 'same' and 'similar' connote different concepts and therefore the carrying of a similar business will not meet the requirements of the section. If one business cannot be conveniently carried on after the closure of the other, there would be a strong indication that the two businesses constituted the 'same business' but, no decisive inference could be drawn from the fact that after the closure of one business another may conveniently be carried on. The real test would be: was there any inter-connection, any interlacing, any inter-dependence, any unity at all embracing those two businesses. Such inter-connection, inter-relation, inter-dependence and unity exist when there is common management, common business organisation, common administration, common fund and a common place of business, B.R. Limited ...
Reconstruction of business
Reconstruction of business, Reconstruction of business involves the idea of substantially the same persons carrying on substantially the same busi-ness, Textile Machinery Corporation Ltd. v. Commissioner of Income Tax, West Bengal, AIR 1977 SC 1134 (1140): (1997) 2 SCC 368. [Income Tax Act, 1922, s. 15(C)]...
going concern value
going concern value : the value of the assets of an enterprise or of the enterprise itself considered as an operating business and therefore based on earning power and prospects rather than on the value of the same assets or the same business in the event of liquidation ...
covenant not to compete
covenant not to compete : a covenant in an agreement (as for the sale of a business) by which one party agrees not to engage in the same business or a similar business in a particular area for a period of time ...
Competition
The act of seeking or endeavoring to gain what another is endeavoring to gain at the same time common strife for the same objects strife for superiority emulous contest rivalry as for approbation for a prize or as where two or more persons are engaged in the same business and each seeking patronage followed by for before the object sought and with before the person or thing competed with...
Business
Business, 'business' is a word of wide import. It has no definite meaning. Its perceptions differ from private to public sector or from institutional financing to commercial banking, Mahesh Chandra v. Regional Manager Uttar Pradesh Financial Corpn., AIR 1993 SC 935 (939): (1993) 2 SCC 279. [State Financial Corporation Act, (63 of 1951), s. 24]--Business would undoubtedly be property, unless there is something to the contrary in the enactment, J.K. Trust Bombay v. CIT, (1958) SCR 65: 1957 SCJ 845: AIR 1957 SC 846.Business includes the activities carried on by any public body, Halsbury's Laws of England, Vol. 20, 4th Edn., Para 546, p. 357. The term 'business' includes every trade, occupation and profession. The word 'business' has no technical meaning, but is to be read with reference to the subject and intent of the Act in which it occurs. The term 'business' means an affair requiring attention and labour as the chief concern; mercantile pursuits, that one does for livelihood, occupati...
Controlled business
Controlled business, the definition of 'controlled business' contemplates two kinds of insurers--(i) insurers who carry on life business only, and (ii) insurers who carry on composite business, that is to say certain other business which does not ex facie come within controlled business, Under sub-clause (a) of s. 2(3)(i) controlled business covers the entire life business of an insurer if he carries on no other class of insurance business and under sub-clause (b) all the business appertaining to his life insurance business is included if he is a composite insurer. The controlled business in either case is intended to embrace all the business concerning life insurance. In the first case it means the whole of the business of the insurer and in the second case the part which comes within the life businessbut not other, National Insurance Co. Ltd. v. Life Insurance Corporation of India, AIR 1963 SC 1911 (1913): (1964) 2 SCR 182. [Life Insurance Corpora-tion Act, (31 of 1950), s. 2(3)(i) E...
Business of the House
Business of the House, in the House of Commons, it is not rigidly fixed. The Office of the Speaker in the Parliaments of Commonwealth -- Philip Laundy, p. 64.Business of the House, in the Indian Parliament, the business of the House is divided into (1) Government business, (2) Private Member's business; Practice and Procedure of Parliament, M.N. Kaul and S.L. Shakdher, 5th Edn., 2001, p. 407.Business of the House, means the relative order of all the items of business in the House of a legislature to be taken upon a particular day. The office of the Speaker in the Parliaments of Commonwealth, Philip Laundy, p. 64.Business of the House, consists of Government business, Private member's business and the business transacted in opposition time, Parliamentary Practice Erskine May, 22nd Edn., 1997, pp. 270 and 271....
Carries on business
Carries on business, the mere fact that the expression, 'carries on business' is used along with the other expressions, does not mean that it would apply only to such persons to whom the other two expressions regarding residence or of personally working for gain would apply, Union of India v. Ladulal Jain, AIR 1963 SC 1681 (1683). [Constitution of India, Arts. 298, 300]Carries on business, as enumerated and 'personally works for gain' connotes two different meanings. The phrase 'carries on business' under s. 62(2) at a certain place would mean having an interest in a business at that place, a voice in what is done a share in the gain or loss and some control thereon. Such business may be carried at the place through an agent or a manager through a servant, Jay Engineering Works Ltd. v. Ramesh Aggarwal, MIPR, 2007 (1) 6058 (Del).Carries on business, in a particular commodity must depend upon the volume, frequency, continuity and regularity of transactions of purchase and sale in a class...
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