Smallness - Law Dictionary Search Results
Home Dictionary Name: smallnessSmallness of profit
Smallness of profit, the Legislature has deliberately used the expression 'smallness of profit' and not 'smallness of assessable income' and there is noth-ing in the context in which the expression 'small-ness of profit' occurs which justifies equation of the expression 'profit' with 'assessable income.' Smallness of the profit in s. 23A has to be adjudged in the light of commercial principles and not inthe light of total receipts, actual or fictional, Commissioner of Income Tax v. Bipinchandra Maganlal and Co., AIR 1961 SC 1040 (1043): (1961) 2 SCR 493.(ii) The words 'smallness of profit' in the s. 23 of the Income Tax Act, 1922 refer to actual accounting profits in comparison with the assessable profits of the year. In arriving at the assessable profits the Income-tax Officer may disallow many expenses actually incurred by the assessee; and in computing his income, he may include many items on notional basis. But the commercial or accounting profits are the actual profits earned by a...
small business
small business : an independently owned and operated business that is not dominant in its field of operation and conforms to standards set by the Small Business Administration or by state law regarding number of employees and yearly income called also small business concern see also Small Business Administration in the Important Agencies section ...
Industrial concern in small-scale sector
Industrial concern in small-scale sector, 'industrial concern in small-scale sector' means an industrial concern as defined in clause (c) of s. 2 of Industrial Development Bank of India Act, 1964 (18 of 1964), and which is regarded as a small-scale undertaking under s. 11B of the Industries (Development and Regulation) Act, 1951 (65 of 1951). [Small Industries Development Bank of India Act, 1989 (39 of 1989), s. 2(h)]...
Small holdings
Small holdings. The (English) Small Holdings and Allotments Act, 1908, by s. 61 gives the following definition:-The expression 'small holding' means an agri-cultural holding which exceeds one acre and either does not exceed fifty acres or, if exceeding fifty acres, is at the date of sale or letting of an annual value for the purposes of income tax not exceeding one hundred pounds [as amended by the (English) Small Holdings and Allotments Act, 1926 (16 & 17 Geo. 5, c. 52), s. 16]....
National small industries corporation
National small industries corporation, means the National Small Industries Corporation Limited registered under the Companies Act, 1956 (1 of 1956). [Small Industries Development Bank of India Act, 1989, s. 2(j)]...
Small holding colonies
Small holding colonies. By the (English) Small Holding Colonies Act, 1916 (6 & 7 Geo. 5, c. 38) and 1918 (8 & 9 Geo. 5, c. 26), as amended by the (English) Land Settlement (Facilities) Act, 1919 (9 & 10 Geo. 5, c. 59), the Board, now Ministry, of Agriculture and Fisheries may, after consultation with the chairman of the county council, acquire by agreement a limited amount of land up to 45,000 acres in England and Wales for the purpose of providing small holding colonies with powers conferred by the Acts.See ALLOTMENTS, and Aggs on Agricultural Holdings....
small business administration
small business administration The federal governmental agency that guarantees loans made by banks to small businesses ...
small business case
small business case A special type of chapter 11 case in which there is no creditors' committee (or the creditors' committee is deemed inactive by the court) and in which the debtor is subject to more oversight by the U.S. trustee than other chapter 11 debtors. The Bankruptcy Code contains certain provisions designed to reduce the time a small business debtor is in bankruptcy. Source: Administrative Office of the U.S. Courts ...
small claims court
small claims court : a special court intended to simplify and expedite the resolution of minor disputes involving small claims ...
Small
Having little size compared with other things of the same kind little in quantity or degree diminutive not large or extended in dimension not great not much inconsiderable as a small man a small river...
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