Step Transaction Doctrine - Law Dictionary Search Results
Home Dictionary Name: step transaction doctrinestep 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 ...
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...
special facts doctrine
special facts doctrine : a doctrine holding that a corporate officer with superior knowledge gained by virtue of being an insider owes a limited fiduciary duty to a shareholder in transactions involving transfer of stock ...
Step or proceeding
Step or proceeding, explanation (a) to s. 20(4) of the U.P. Act, provides: 'For the purposes of this sub-s.:- (a) the expression 'first hearing' meant the first date for any step or proceedings mentioned in the summons served on the defendant. The step or proceeding mentioned in the summons referred to in the definition should be construed to be a step or proceeding to be taken by the Court for it is, after all, a 'hearing' that is the subject-matter of the definition, unless there be something compelling in the said Act to indicate otherwise. Further, it is not possible to construe the expression 'first date for any step or proceeding' to mean the step of filing the written statement, though the date for that purpose may be mentioned in the summons, for the reason that, it is permissible under the Code for the defendant to file a written statement even thereafter but prior to the first hearing when the Court takes up the case, since there is nothing in the said Act which conflicts wit...
Taking any other step in the proceeding
Taking any other step in the proceeding, means the step must be such as would clearly manifest intention to waive benefit or arbitration agreement, Rachappa Gurudappa, Bijapur v. Gurusiddappa Nananiappa, 1989 (1) SCJ 14.The expression 'taking any other steps in the proceedings' must be given a narrow meaning and be confined to taking steps in the proceedings for resolution of the substantial dispute in the suit, Food Corporation of India v. Yadav Engineer & Contractor, AIR 1982 SC 1302 (1309): (1982) 2 SCC 499: (1983) 1 SCR 95. (Arbitration Act, 1940, s. 34)...
Step in the proceeding
Step in the proceeding, means a step in aid of the progress of the suit. The step must have been consciously taken with a view to submit to the jurisdiction of the court for the purpose of adjudicating the controversy on the merits, Sadhu Singh Ghuman v. Food Corporation of India, AIR 1990 SC 893: (1990) 2 SCC 68; Bansidhar v. E.B. Sukhia, AIR 1957 HP....
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...
Speculative 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...
high stepping
having or moving with a high step as a high stepping horse...
Step in aid of execution
Step in aid of execution, implies if the facts of a particular case show that the proceedings in question has the effect of facilitating or advancing the execution of any extent or removing some obstacle from the way of execution, it may well be regarded as step in aid of execution, Ram Bharose v. Ramman Lal, AIR 1932 Oudh 148....
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