Such Assets - Law Dictionary Search Results
Home Dictionary Name: such assets Page 1 of about 32 results (0.003 seconds)Such assets
Such assets, means 'those assets', CWT v. Kishan Lal Bubna, (1994) 1 SCC 60....
Actual cost
Actual cost, The accepted accountancy rule for determining the cost of fixed assets is to include all expenditure necessary to bring such assets into existence and to put them in working condition. In case money is borrowed by a newly started company which is in the process of constructing and erecting its plant, the interest incurred before the commencement of production on such borrowed money can be capitalised and added to the cost of the fixed assets which have been created as a result of such expenditure. The above rule of accountancy should, in our view, be adopted for determining the actual cost of the assets in the absence of any statutory definition or other indication to the contrary, Challapalli Sugar Limited v. Commissioner of Income Tax, (1975) 3 SCC 572: AIR 1975 SC 97 (101)....
Distribution, Statute of
Distribution, Statute of (22 & 23 Car. 2, c. 10), now only applied to intestacies prior to 1926, repealed by (English) Administration of Estates Act, 1925 (see WIDOW), explained by the Statute of Frauds, 29 Car. 2, c. 3, enacts that the surplusage of intestates' personal estate (except of femes covert, the administration and enjoyment of whose estates belonged, at Common Law, to their husbands-but see MARRIED WOMEN'S PROPERTY) shall, after the expiration of one year from the death of the intestate, be distributed in the following manner: one-third shall go to the widow of the intestate, and the residue in equal proportions to his children, or, if dead, to their representatives, that is, their lineal descendants; if there be no children or legal representative subsisting ,then a moiety shall go to the widow, and a moiety to the next of kindred in equal degree, and their representatives; if no widow, the whole shall go to the children; if neither widow nor children, the whole shall be di...
Floating charge
A charge lien etc that successively attaches to such assets as a person may have from time to time leaving him more or less free to dispose of or encumber them as if no such charge or lien existed...
Capital expenditure and revenue expenditure
Capital expenditure and revenue expenditure, in cases where the expenditure is made for the initial outlay or for extension of a business or a substantial replacement of the equipment, there is no doubt that it is 'capital expenditure'. If on the other hand it is made not for the purpose of bringing into existence any such asset or advantage but for running the business or working it with a view to produce the profits it is a 'revenue expenditure', Assam Bengal Cement Co. v. C.I.T, AIR 1955 SC 89 (96). [Income-tax Act, 1922, s. 10(2)(xv)]...
Revenue expenditure
Revenue expenditure, if expenditure is made not for the purpose of bringing into existence any such assets or advantage but for running the business or working it with a view to produce the profits it is a revenue expenditure, Assam Bengal Cement Co. Ltd. v. CIT, AIR 1955 SC 89 (96). [Income Tax Act, 1922, s. 10(2) (xv)]...
Property
Property, an actionable claim against the tenants is undoubtedly a species of property which is assignable, State of Bihar v. Kameshwar Singh, AIR 1952 SC 252.Comprises every form of tangible property, even intangible, including debts and chooses in action such as unpaid accumulation of wages, pension, cash grants, and constitutionally protected privy purse, See M.M. Pathak v. Union of India, AIR 1978 SC 802.Decree is to be treated as property, Associated Hotels of India v. Jodha Mal Kuthiala, AIR 1950 Punj 201.Every movable property is included in the ordinary connotation of the word 'property', Chunni Lal v. State, AIR 1968 Raj 70.In commercial law this may carry its ordinary meaning of the subject-matter of ownership. But elsewhere, as in the sale of goods it may be used as a synonym for ownership and lesser rights in goods, Dictionary of Commercial Law by A.H. Hudson, (1983, Edn.).In Entry 42, List III (Constitution of India) includes the power to legislate for acquisition of an un...
Marshalling
Marshalling, the act of arranging or of putting into proper order.The doctrine of marshalling assets and securities depends upon the principle that a person, having two funds out of which to satisfy his demands, shall not, by his election, prejudice a person who has only one such fund. If, therefore, one who has a claim upon two funds resorts to the only fund upon which another has a claim, the latter stands in his place for so much against the fund to which otherwise he could not have access: the object being that every claimant shall be satisfied as far as, by any arrangement consistent with the nature of the several claims, the property which they seek to affect can be applied in satisfaction of such claims.In the administration of the estate of deceased persons, marshalling consists of arranging the assets so as to give effect to the priority of debts, as to legal assets on the one hand, and to the order of assets on the other. now that all the assets are liable to be applied for t...
Floating assets
Floating assets, where there is a fixed charge over assets, such as the subsidiary shares, the fact that the charger is entitled to enjoy the fruits of the asset, such as the distribution rights, should not lead to the charge as it covers those assets being characterized as floating, Atlantic Computer System Plc (in re:), (1992) Ch 505. See also Arthur D Little Ltd. (in administration) v. Ableco Finance LLC, (2003) LR 217 (Ch): (2002) EWHC 701 (Ch)....
Gift
Gift. The old text-writers made a gift (donatio) a distinct species of deed, and describe it as a conveyance applicable to the creation of an estate-tail; while a feoffment they strictly confine to the creation of a fee simple estate. The operative verb was 'give,' which no longer implies any covenant in law (Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 4), replaced by the Law of Property Act, 1925, s. 59(2), and the deed required livery of seisin. It is obsolete. See Jac. Law Dict.A gift is now understood to mean a mere voluntary assurance or transfer of property without any consideration being given for it. Such a transaction is apt to be very jealously scrutinized in a Court of Equity, and will be set aside on proof of undue influence (see that title), or of a fiduciary relationship of the donee to the donor, see Huguenin v. Baseley, (1806-8) 14 Ves 273; W. & T. L.C.; Morley v. Loughman, (1893) 1 Ch 736 (757); Lyon v. Home, (1868) LR 6 Eq 655. In the absence of any such objectio...
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