Speculative Transaction - Law Dictionary Search Results
Home Dictionary Name: speculative transactionSpeculative transaction
Speculative transaction, a transaction is not 'speculative' within the meaning of sub-s. (5) of s. 43, Income Tax Act, 1961 where there is a breach of the contract and on a dispute between the parties damages are awarded as compensation by an arbitration award. The definition of 'speculative transaction' in s. 43(5) has to be interpreted by importing the sense conveyed by the law relating to the contracts, Commissioner of Income Tax v. Shantilal Pvt. Ltd., AIR 1983 SC 952 (954): (1983) 3 SCC 561: (1983) 3 SCR 470. [Income Tax Act, 1961, s. 43(5)]Explanation 2 to s. 24(1) of the Income Tax Act defines a speculative transaction as 'a transaction in which a contract for purchase and sale of any commodity including stocks and shares is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips .......'. It is apparent that what is contemplated is a real or factual delivery or transfer, and not a notional delivery or transfer, Jute Invest...
speculation
speculation : an act or instance of speculating: as a : assumption of unusual business risk in hopes of obtaining commensurate gain b : a transaction involving such speculation ...
hedge
hedge hedged hedg·ing : to reduce possible losses in speculative transactions by engaging in offsetting transactions (as futures trading) ...
Joint-stock Banks
Joint-stock Banks, joint-stock companies for the purpose of banking. They are regulated, according to the date of their incorporation, by charter, or by 7 Geo. 4, c. 46; 7 & 8 Vict. cc. 32 and 113; 9 & 10 Vict. c. 45 (in Scotland and Ireland); 20 & 21 Vict. cc. 49 & 91; and 27 & 28 Vict. c. 32; or by the Companies Act, 1929, in substitution for previous Acts, which makes registration under it compulsory in the case of a partnership consisting of more than ten persons. It is believed that the liability of the shareholders in chartered banks is in most if not in all cases limited to some amount fixed by the charter, generally twice the amount of their shares. Under the (English) Companies Act, the liability may be either limited or unlimited, and most banks registered under the old Companies Act of 1862 were unlimited until 1880, when many took advantage of the (English) Companies Act, 1879 (42 & 43 Vict. c. 76), to register anew as limited; see now Companies Act, 1929, ss. 321, 322, 359...
speculative
speculative 1 : involving, based on, or constituting intellectual speculation ;also : theoretical rather than demonstrable [ medical testimony concerning the cause of death] 2 : of, relating to, or being a financial speculation [ securities] [ home building] spec·u·la·tive·ly adv ...
speculate
speculate -lat·ed -lat·ing vi 1 : to theorize on the basis of insufficient evidence NOTE: A jury is not permitted to speculate on a matter about which insufficient evidence has been presented in reaching its verdict. 2 : to assume a business risk in hope of gain ;esp : to buy or sell in expectation of profiting from market fluctuations vt : to take to be true on the basis of insufficient evidence spec·u·la·tor [-lā-tər] n ...
Transaction
Transaction, includes a decree, as a decree may, under certain circumstances create the relationship of lender and borrower, Radha Kishen Chamria v. Keshardeo Chamria, AIR 1954 Cal 105: (1953) 92 Cal LJ 197.Transaction, is a group of acts so connected together as to be referred to by a single legal name as a crime, a contract, a wrong or any other subject of inquiry which may be in issue, A.N. Mukerji v. State, AIR 1969 All 489: 1969 Cr LJ 1203.Transaction, is something already done and com-pleted; a 'proceeding' either something which is now going on, or if ended, is still contemplated with reference to its progress on successive stages. A transaction in the ordinary sense of the words, means some business or dealing which is carried on, or transacted between two or more persons. A transaction is something which has been concluded between persons by a cross or reciprocal action, as it were, Channoo Mehta v. Jang Bhadur Singh, AIR 1957 Pat 293: 1956 BLJR 197.Means 'carrying through' an...
speculative risk
speculative risk : a risk that may result in either a loss or a gain compare pure risk ...
Same transaction
Same transaction, between a series of acts seems to be an essential ingredient for those acts to constitute the same transaction, State of Andhra Pradesh v. Cheemalapati Ganeswara Rao, AIR 1963 SC 1850: (1963) 2 Cr LJ 671.Means in order that a series of acts be regarded as parts of 'the same transaction', they must be connected together in some way, for instance, by proximity of time, unity of place, unity or continuity of purpose or design, or continuity of action. Proximity of time and unity of place are not essential, though they furnish good evidence of what unites several acts. If any of these things happens and the whole process is begun over again, it is not the same transaction but a new one, in spite of the fact that the same general purpose may continue, Shapurji Sorabji v. Emperor, AIR 1936 Bom 154; Debi Prasad v. Emperor, 212 IC 135: Raj Kishore Tewari v. Rex, AIR 1949 All 139; Faiz Mohammad v. Emperor, (1945) ILR 1945 Ker 100.Same transaction, suggests a continuity of acti...
step transaction doctrine
step transaction doctrine : a doctrine in tax law: a series of separate but related transactions may be viewed as a single transaction and the tax liability may be based on that transaction rather than the individual transactions in the series ...
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