Total Turnover - Law Dictionary Search Results
Home Dictionary Name: total turnoverTotal turnover
Total turnover, means aggregate of the following transactions effected by a dealer-(a) turnover of sales or purchases of goods within the State whether such sales or purchases of goods are taxable or exempt under this Act,(b) turnover of sales of goods in the course of inter-State trade or commerce;(c) turnover of sales of goods in the course of export of goods out of the territory of India;(d) turnover of sales by a dealer on his own account and also on behalf of his principal. [Gujarat Value Added Tax Act, 2005, s. 2(34)...
Turnover
Turnover, in laws dealing with Sales Tax, 'turnover' includes tax in calculating the total turnover, there is nothing wrong in treating the tax as part of the turnover, because, 'turnover' means the amount of money which is turned over in the business, George Oakes (P) Ltd. v. State of Madras, AIR 1962 SC 1352.Turnover is defined to mean: 'the aggregate amount for which goods are bought or sold or supplied or distributed by a dealer either directly or through another on his own account or on account of others whether for cash or for deferred payment or for other valuable consideration, Joint Commercial Tax Officer v. Young Men's Association (Regd.), AIR 1970 SC 1212 (1215): (1970) 1 SCC 462: (1970) 3 SCR 680.Turnover means an aggregate amount for which goods are either bought by or sold by a dealer, whether for a cash or for deferred payment or other valuable consideration, State of Andhra Pradesh v. H. Abdul Bakhi and Brothers, AIR 1965 SC 531 (532): (1964) 7 SCR 664. [Hyderabad Gener...
Taxable turnover
Taxable turnover, 'taxable turnover' is defined in s. 2(s) of the Rajasthan Sales Tax Act, 1954 to mean that part of the 'turnover' which remains after deducting the aggregate amount of proceeds of certain categories of sales and 'turnover', according to s. 2(t), means 'the aggregate of the amount of sale prices received or receivable by a dealer in respect of the sale or supply of goods...', Hindustan Sugar Mills v. State of Rajasthan, AIR 1978 SC 1496 (1499): (1978) 4 SCC 271: (1979) 1 SCR 276.Means the turnover of all sales or purchases of a dealer during the prescribed period in any year, which remains after deducting thereform,(a) the turnover of sales not subject to tax under this Act,(b) the turnover of goods declared exempt under sub-s. (1) of s. 5 or under a notification under sub-s. (2) of s. 5, and(c) in case of turnover of sales in relation to works contract, the charges towards labour, service and other like charges, and subject to such manner as may be prescribed. [Gujara...
Constructive total loss
Constructive total loss, a term used in the law of marine insurance to denote a loss which entitles the assured to claim the whole amount of his insurance, on giving to the assurers notice of abandonment. Generally there is a constructive total loss when the subject-matter assured has not actually perished or lost its form or species, but has, by one of the perils insured against, been reduced to such a state or placed in such a position as to make its total destruction, though not inevitable, yet highly imminent, or its ultimate arrival under the terms of the policy, though not utterly hopeless, yet exceedingly doubtful. In such a case the assured, by giving notice within a reasonable time to the assurers of abandonment, i.e., the relinquishment of all his right to whatever may be saved, is entitled to recover against them as for a total loss.If notice is not given, the loss is treated as a partial loss unless the ship in fact has become a total loss or if there would be no possibilit...
turnover order
turnover order see order ...
Annual turnover
Annual turnover, represents the value of goods or services sold or supplied during a period of one year. The amount of money turned over or drawn in a business during a period of one year is another shed of meaning, Secretary, Ministry of Chemicals and Fertilisers, Government of India v. Cipla Ltd., (2003) 7 SCC 1. [Drugs Policy 1994, s. 2]...
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...
Turnover of sales
Turnover of sales, in relation to any period, means the aggregate of the sale prices or parts of sale-prices received or receivable by a dealer in respect of sales of goods made during such period after deducting therefrom the amounts, if any, refunded by the dealer in respect of any such goods returned or rejected by the purchaser within three months from date of delivery of such goods. [West Bengal Value Added Tax Act, 2003, s. 2(55)]Means the aggregate of the amounts of sale price received and receivable by a dealer in respect of any sale of goods made during a given period after deducting the amount of sale price, if any, refunded by the dealer to purchaser, in respect of any goods purchased and returned by the purchaser within the prescribed period. [Gujarat Value Added Tax Act, 2003, s. 2(33)]Means the aggregate of the amounts of sale price received and receivable by a dealer in respect of any sale of goods made during a given period after deducing the amount of:(a) sale price, i...
Gross total income
Gross total income, in view of s. 47(viii), the com-pensation which become payable to the appellant as a result of the acquisition of its agricultural land in 1962, was totally exempt from s. 45. Con-sequently, it did not amount to 'income' within the scope of section 2(24)(vi) as there was no capital gain within the meaning of s. 45. It was also not to be included while computing the total income of the appellant as defined in s. 2(45) of the Act. Thus, the amount of compensation received by the appellant could not have formed part of the 'gross total income' within the meaning of section 109(iv) of the Act, Income Tax Act, 1961 ss. 2(24)(vi), 2(45), 45, 47(viii) and ss. 109(iv) & (i); Delhi Farming & Construction (P) Ltd. v. Commissioner of Income Tax Delhi, (2003) 5 SCC 36; Also Caradamom Marketing Co. (Trav.) Ltd. v. CIT, (1986) 158 ITR 621 (Ker)....
Total disablement
Total disablement, means such disablement whether of a temporary or permanent nature as incapacities a workman for all work which he was capable of performing at the time of the accident resulting in such disablement, National Insurance Co. Ltd. v. Mohd. Saleem Khan, (1992) 2 Civ LJ 46. [Workmen's Compensation Act, 1923 (8 of 1923), s. 2(1)(l)]The expression 'total disablement' has been defined in s. 2(1) of the Workmen's Compensation Act, 1923 as follows: (1) 'total disablement' means such disablement, whether of a temporary or permanent nature, as incapacitates workman for all work which he was capable of performing at the time of the accident resulting in such disablement, Pratap Narain Singh Deo v. Shrinivas Sabata, AIR 1976 SC 222: (1976) 1 SCC 289: (1976) 2 SCR 872....
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