Tax Year - Law Dictionary Search Results
Home Dictionary Name: tax year Page: 2Year previous
Year previous, the expression 'previous year' in s. 2(6A)(c) of the Income Tax Act, 1922 was meant the financial year preceding the year in which liquidation took place, Dhandhania Kedia and Co. v. CIT, AIR 1959 SC 219 (222): (1959) Supp 1 SCR 204....
Covenant
Covenant [fr. Covenant, Fr.], any agreement, convention, or promise of two or more parties, by deed in writing, signed, sealed, and delivered, by which either of the parties pledges himself to the other that something is either done or shall be done, or stiuplates for the truth of certain facts. He who thus promises is called the covenantor; and he to whom it is made the covenantee. A covenant being part of a deed is subject to the general rules for the construction of such instruents; as, first, to be always taken most strongly against the covenanter and most in favour of the covenantee; secondly, to be taken according to the intent of the parties; thirdly, to be construed ut res magis valeat quam pereat; fourthy, when no time is limited for its performance, that it be performed in a reasonable time.Covenants are personal obligations; formerly the did not bind theheirs of the covenanter unless the heirs were named and inthat case only to the extent of the lands descended, but if made ...
Tax stradle rule
Tax stradle rule, means the rule that a tax-payer may not defer on tax liability by investing a short-term capital gain in a commodities for future option i.e., investment vehicles whose values formerly did not have to be recorded at the end of the year, to create the appearance of a loss in the current tax year, Black's Law Dictionary, 7th Edn., p. 1475.Means good other than those specified in Sch. A. [West Bengal Value Added Tax Act, 2003, s. 2(47)]...
Jointure
Jointure, strictly, a joint estate limited to husband and wife, but in common acceptation extended also to a sole estate limited to the wife only. To a legal jointure these four things were requisite:-The old rules were: (1) The jointure must take effect immediately on the death of the husband. (2) It must be for her own life at least, and not pur autre vie, or for any term of years, or for any smaller estate. (3) It must be made to herself, and no other in trust for her. (4) It must be made, and so in the deed particularly expressed to be, in satisfaction of the whole, and not of part of her dower. It may be made either before or after marriage; if made after marriage she may waive it, and claim her dower. 2 Bl. Com. 137.The (English) Statute of Jointures, 11 Hen. 7, c. 20, was repealed by 3 & 4 Wm. 4, c. 74, s. 17, except as to lands comprised in settlements made before the passing of this Act. See DOWER; and 20 Hen. 8, c. 10.Since estates for life are not legal estates now (English)...
Common employment
Common employment. The general rule that a master is liable for damage caused by the negligence of his servant has the exception that where the person injured is the fellow-servant of and engaged in common employment with the person whose negligence causes the injury, the master is not liable in an action at Common law. The principle upon which the exception rests is that 'a servant who engages for the performance of services for compensation does as an implied part of the contract take upon himself, as between himself and his master, the natural risks and perils incident to the performance of such services; the presumption of law being that the compensation was adjusted accordingly, or, in other words, that these risks are considered in the wages' [per Balckburn, J., Morgan v. Vale of Neath R. Co., (1864) 5 B&S 578]. For review of cases, see Bray, J., in Cribb v. Kynoch, Ltd., (1907) 2 KB 548. The doctrine applies in spite of difference in rank or grade between the two servants, e.g.,...
New Year's Day
New Year's Day, the 1st of January. The 25th of March was the civil and legal New Year's Day till the alteration of the style in 1752, when it was permanently fixed as the 1st January.In Scotland the year was, by a proclamation which bears date 27th November, 1599, ordered thenceforth to commence in that kingdom on the 1st January instead of the 25th March. By the (English) Bank Holidays Act, 1871 (34 Vict. c. 17), New Year's Day is made a bank holiday in Scotland, and bills, etc., becoming due on that day are payable on the following day. See HOLIDAY....
Obscene
Obscene, means if there be no abstract definition ........ Should not the word 'obscene' be allowed to indicate the present critical point in the compromise between candor and shame at which the community may have arrived here and now, United States v. Kennerley, 209 F 119 (121) (S.D.N.Y. 1913).Obscene, the Indian Penal Code borrowed the word from the English Statute. The Common law offence of obscenity was established in England three hundred years ago when Sir Charles Sedley exposed his person to the public gaze on the balcony of a tavern. Obscenity in books, however, was punishable only before the spiritual courts because it was so held down to 1708 in which year Queen v. Read, 11 Mod 205 QB, was decided, In 1727 in the case against one Curl it was ruled for the first time that it was a Common Law offence, Ranjit D. Udeshi v. State of Maharashtra, AIR 1965 SC 881 (887): (1965) 1 SCR 65. (Indian Penal Code, s. 292)The concept of obscenity would differ from country to country dependin...
Net wealth tax
Net wealth tax, readings on Taxation in Developing, Countries by Fird and Oldman elucidates the concept of Wealth Tax as follows, at page 281: 'The term 'net wealth tax' is therefore deemed to be imposed on the person of the taxpayer, while the property tax often deemed to be imposed on an object - the property itself.' In Harvard Law School World Tax Series - Taxation in Columbia Net Wealth Tax is defined at page 451 thus: 'As a general rule, all debts owed by a tax-payers, whether to residents or to non-residents, are deductible if their existence is established in conformity with the legal requirements. The usual test of deductibility, as applied by the Division of National Taxes, is whether or not there is an actual, enforceable legal obligation the amount of which is fixed or computable as on December 31, of the tax year.' According to Harvard Law School World Tax Series - Taxation in Sweden - this tax has been levied in Sweden since a long time. Now it is regulated by law enacted...
Land-tax
Land-tax, means a tax laid upon land and houses, which in 1689 (1 Will. & Mary, c. 3) superseded all the former methods of taxing either property or persons in respect of their property, whether by tenth or fifteenths, subsidies on land, hydages, scutages, or talliages. Although generally a charge upon a landlord, yet it is a tax neither on landlord nor tenant, but on the beneficial proprietor, as distinguished from the mere tenant at rack-rent; and if a tenant have to any extent a beneficial interest, he becomes liable to the tax pro tanto, and can only charge the residue on his landlord. Houses and buildings appropriated to public purposes are not liable to land-tax. As to its origin and inequality, see 3 Hall. Cons. Hist. 135; Miller on the Land-tax; Bourdin on Land-tax.The more agricultural counties, upon which the burden of the tax has fallen most heavily by reason of the depreciation in value of agricultural land, were greatly relieved by s. 31 of the (English) Finance Act, 1896,...
Minor children
Minor children, means, in the case of sons of Native fathers, boys, who have not completed the age of sixteen years, and, in the case of daughters of Native fathers, girls who have not completed the age of thirteen years: In other cases it means unmarried children who have not completed the age of eighteen years. [Indian Divorce Act, 1869 (4 of 1869), s. 3 (5)]...
- << Prev.
- Next >>