Tax Refund - Law Dictionary Search Results
Home Dictionary Name: tax refundTax refund
Tax refund, means the money that a tax-payer overpaid and is thus returned by the taxing authority, Black's Law Dictionary, 7th Edn., p. 1475....
United States Court of Federal Claims
United States Court of Federal Claims : a federal court having nationwide trial jurisdiction over claims against the United States see also federal circuit NOTE: The claims over which this court has jurisdiction include those based on the Constitution, acts of Congress, regulations of an executive agency, contracts with the United States, actions for damages not sounding in tort, claims of American Indian groups against the United States, and certain tax cases (as claims for tax refunds). Private bills are referred to it from Congress for advisory findings as to whether there is a genuine legal or equitable claim for relief. The court does not have jurisdiction over claims for pensions or claims based on treaties with foreign nations. ...
Found to be due
Found to be due, words 'found to be due' connotes that payment is outstanding, i.e., that there is subsisting obligation on the Income-tax Officer to pay. If a claim to refund is barred by a final order, it cannot be said that there is a subsisting obligation to make a payment, Hindustan Construction Co. Ltd. v. V.S. Gaitonde, AIR 1965 SC 1316 (1319). [Income-tax Act, 1922, s. 49E]...
Refunded
Refunded, the emphasis in the word 'refunded' as used in cl. (b) of s. 15 of the Central Sales Tax Act, 1956 and the proviso to s. 4 of the T.N. General Sales Tax Act, 1959 is on repayment of the amount, Thiru Manickam and Co. v. State of Tamil Nadu, AIR 1977 SC 518 (521): (1977) 1 SCC 199: (1977) 1 SCR 950....
The sum payable
The sum payable, the expression 'the sum payable' would obviously mean the difference between the amount refunded and the reduced amount which was liable to be refunded. The second reason is that even if it were to be held that in the case of enhancement the expression 'the sum payable' in sub-s. (4) means the whole of the enhanced amount by a rule of harmonious construction it has got to be held that in view of s. 3(1)(a) of the Validation Act even in the case of a rectification a notice of demand is to be served now only in respect of the amount by which the Government dues are enhanced, Union of India v. Jardine Henderson Ltd., AIR 1979 SC 972 (977): (1979) 2 SCC 258: (1979) 3 SCR 555....
Corporation Tax
Corporation Tax, 'corporation tax' means any tax on income, so far as that tax is payable by companies and is a tax in the case of which the following conditions are fulfilled:(a) that it is not chargeable in respect of agricultural income;(b) that no deduction in respect of the tax, paid by companies is, by any enactments which may apply to tax, authorised to be made from dividends payable by the companies to individuals:(c) that no provision exists for taking the tax so paid into account in computing for the purposes of Indian income tax the total income of individuals receiving such dividends, or in computing the Indian income tax payable by, or refundable to, such individuals. [Constitution of India, Art. 336(6)]...
Compensation
Compensation, according to dictionary it means, 'compensating or being compensated; thing given as recompense;'. In legal sense it may constitute actual loss or expected loss and may extend to physical mental or even emotional suffering, insult or injury or loss, Ghaziabad Development Authority v. Balbir Singh, (2004) 5 SCC 65 (75): AIR 2004 SC 2141.--Making things equivalent, satisfying or making amends, a reward for the apprehension of criminals; also that equivalent in money which is paid to the owners and occupiers of lands taken or injuriously affected for public purposes and under Act of Parliament, e.g., the (English) Lands Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 18), but where the land is acquired compulsorily by a Government Department or any local or Public Authority the compensation is regulated by the (English) Acquisition of Land (Assessment of Compensation) Act, 1919 (9 & 10 Geo. 5, c. 57) and Rules of 1919, and see Housing Act, 1936, ss. 40 and 42 and Schedules, ...
Assessee
Assessee, means an (i) individual; or (ii) a Hindu undivided family, or (ii) an association of persons or a body of individuals consisting, in either case, only or husband and wife governed by the system of community of property in force in the State of Goa and union territories of Dadra and Nagar Haveli and Danan and Din by whom, or on whose behalf investment in made. [Equity Linked Savings Scheme, 2005, s. 2(b)]--includes deemed assessee. Income Tax Officer v. Delhi Development Authority (2002) 1 SCC 695: AIR 2002 SC 264 (267). [Income Tax Act (43 of 1961) s. 2 (7)]Means a person by whom wealth-tax or any other sum of money is payable under this Act, and includes--(i) every person in respect of whom any proceeding under this Act has been taken for the determination of wealth-tax payable by him or by any other person or the amount of refund due to him or such other person. (ii) very person who is deemed to be an assessee under this Act. (iii) every person who is deemed to be an assess...
equitable recoupment
equitable recoupment : a doctrine that allows the government to collect a tax or a taxpayer to collect a refund of tax after the running of the statute of limitations for such collection in cases where the statute of limitations creates an inequitable result ...
Turnover of purchases
Turnover of purchases, in relation to any period, means:(a) in the case of the occupier of a jute-mill, the aggregate of the purchase prices or parts of purchase prices payable by such occupier for the quantities of raw jute purchased by him during such period after deducting the amounts, if any, refunded to him by the seller during such period in respect of any quantity of raw jute returned to the seller within ninety days from the date of its purchase and such other amounts as may be prescribed.(b) in the case of a shipper of jute, the aggregate of the purchase price or parts of purchase price payable by such shipper of jute in respect of the quantities of raw jute purchase by him in West Bengal and dispatched by him during such period to any place outside West Bengal by any means of transit.(c) in case of any dealer liable to pay tax under s. 12 or s. 13, the aggregate of the purchase price or parts of purchase price payable by such dealer in respect of the goods, prescribed under t...
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