Total Liabilities - Law Dictionary Search Results
Home Dictionary Name: total liabilitiesTotal liabilities
Total liabilities, means the liabilities under he Consolidated Fund of India and the public account of India. [Fiscal Responsibility and Budget Management Act, 2003 (39 of 2003), s. 2(f)]Means the liabilities under the consolidated fund of the State of Gujarat and the public account of the State. [Gujarat Fiscal Responsibility Act, 2005, s. 2(i)]Means the explicit liabilities under consolidated fund of the State and the Public Account of the State including General Provident Fund. [Rajasthan Agricultural Produce Markets Act, 2005, s. 2(p)]...
Discharge from liability
Discharge from liability, the words are apt to ex-press an intention of total extinction of the liability and should, specially in view of the international character of the legislation, be construed in that sense. Once the liability is extinguished under this clause, there is no scope of any acknowledgement of liability thereafter, East and West Steamship Co. v. S.K. Ramajingam, AIR 1960 SC 1058 (1065). [Carriage of Goods by Sea Act, 1925, Sch. .. Art. III, para 6, Cl. 3]...
franchise
franchise [Anglo-French, literally, freedom, liberty, from Middle French, from franchir to free, from Old French franc free] 1 : a special right or privilege granted by the government to an individual, group, or business entity: as a : a right to conduct a business and esp. to be and to exercise the powers of a corporation b : a right granted to a public utility company to provide services and to use public land for that purpose 2 : a constitutional or statutory right ;esp : the right to vote used with the [restricting them in employment, education, the , legal personality, and public accommodation "W. H. Burns"] 3 : a right or license that is granted to an individual or group to market a company's goods or services in a particular territory under the company's trademark, trade name, or service mark and that often involves the use of rules and procedures designed by the company and services (as advertising) and facilities provided by the company in return for fees, royalties, ...
Discharged from liability
Discharged from liability, total extinction of the liability, East and West Steamship Co. v. S.K. Ramalingam Chettiar, AIR 1960 SC 1058: (1960) 3 SCR 820....
aggregate
aggregate : taken as a total [ liability] [a-grə-gāt] vb -gat·ed -gat·ing vt 1 : to combine or gather into a whole [class members may their individual claims] compare join 2 : to amount to [an award aggregating $100,000] vi : to form an aggregate [they may not if their claims are regarded as “separate and distinct” "J. M. Landers et al."] [a-grə-gət] n 1 : total amount [may sue in federal court if the of the claims exceeds $50,000] 2 : a whole made up of individual units [the of operative facts] ...
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...
liability
liability pl: -ties 1 : the quality or state of being liable 2 : something for which one is liable: as a : a financial obligation : debt [tax ] [the bonds are liabilities] compare asset contingent liability : an amount that may or may not be owed depending on the outcome of a contingency (as a cosigner's default on a loan) fixed liability : a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given date b : accountability and responsibility to another enforceable by civil remedies or criminal sanctions [ for injuries caused by their product] absolute liability : strict liability in this entry alternative liability : joint liability imposed on multiple tortfeasors when there are simultaneous tortious acts (as defective manufacture of parts of a wheel by different manufacturers) and uncertainty as to which act was the proximate cause of an injury compare concert of action civil liability : liability imposed under c...
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)....
Limited liability
Limited liability. At Common Law every person is liable, upon his contracts, up to the whole amount of his estate, and every partner is so liable upon all the contracts of the partnership. So extensive a liability being apt to prevent persons from engaging in business as partners, the statutes authorizing the construction of railways, etc., have always limited the liability of each shareholder to the amount of the shares held by him. Similar limitations, extending in some cases to double the amount of shares held, have also long been found (though not universally) in the charters of incorporated banks and insurance companies.Companies Acts.--Under the Companies Acts, limited liability means that the members are not liable beyond the unpaid-up part (if any) of the nominal amount of the shares in respect of which they are registered in the books of the company. When a share has been fully paid up, no further liability exists. As to shares which have not been fully paid up, see CONTRIBUTO...
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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