Transactions - Law Dictionary Search Results
Home Dictionary Name: transactionsTransaction
Transaction, includes a decree, as a decree may, under certain circumstances create the relationship of lender and borrower, Radha Kishen Chamria v. Keshardeo Chamria, AIR 1954 Cal 105: (1953) 92 Cal LJ 197.Transaction, is a group of acts so connected together as to be referred to by a single legal name as a crime, a contract, a wrong or any other subject of inquiry which may be in issue, A.N. Mukerji v. State, AIR 1969 All 489: 1969 Cr LJ 1203.Transaction, is something already done and com-pleted; a 'proceeding' either something which is now going on, or if ended, is still contemplated with reference to its progress on successive stages. A transaction in the ordinary sense of the words, means some business or dealing which is carried on, or transacted between two or more persons. A transaction is something which has been concluded between persons by a cross or reciprocal action, as it were, Channoo Mehta v. Jang Bhadur Singh, AIR 1957 Pat 293: 1956 BLJR 197.Means 'carrying through' an...
Same transaction
Same transaction, between a series of acts seems to be an essential ingredient for those acts to constitute the same transaction, State of Andhra Pradesh v. Cheemalapati Ganeswara Rao, AIR 1963 SC 1850: (1963) 2 Cr LJ 671.Means in order that a series of acts be regarded as parts of 'the same transaction', they must be connected together in some way, for instance, by proximity of time, unity of place, unity or continuity of purpose or design, or continuity of action. Proximity of time and unity of place are not essential, though they furnish good evidence of what unites several acts. If any of these things happens and the whole process is begun over again, it is not the same transaction but a new one, in spite of the fact that the same general purpose may continue, Shapurji Sorabji v. Emperor, AIR 1936 Bom 154; Debi Prasad v. Emperor, 212 IC 135: Raj Kishore Tewari v. Rex, AIR 1949 All 139; Faiz Mohammad v. Emperor, (1945) ILR 1945 Ker 100.Same transaction, suggests a continuity of acti...
step transaction doctrine
step transaction doctrine : a doctrine in tax law: a series of separate but related transactions may be viewed as a single transaction and the tax liability may be based on that transaction rather than the individual transactions in the series ...
Speculative transaction
Speculative transaction, a transaction is not 'speculative' within the meaning of sub-s. (5) of s. 43, Income Tax Act, 1961 where there is a breach of the contract and on a dispute between the parties damages are awarded as compensation by an arbitration award. The definition of 'speculative transaction' in s. 43(5) has to be interpreted by importing the sense conveyed by the law relating to the contracts, Commissioner of Income Tax v. Shantilal Pvt. Ltd., AIR 1983 SC 952 (954): (1983) 3 SCC 561: (1983) 3 SCR 470. [Income Tax Act, 1961, s. 43(5)]Explanation 2 to s. 24(1) of the Income Tax Act defines a speculative transaction as 'a transaction in which a contract for purchase and sale of any commodity including stocks and shares is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips .......'. It is apparent that what is contemplated is a real or factual delivery or transfer, and not a notional delivery or transfer, Jute Invest...
sham transaction
sham transaction : a transaction that is made to mislead or deceive others : a transaction having no economic effect that is made to create tax benefits NOTE: The Internal Revenue Service may deny tax benefits for sham transactions. ...
Current account transaction
Current account transaction, means a transaction other than a capital account transaction and without prejudice to the generality of the foregoing such transaction includes--(i) payments due in connection with foreign trade, other current business, services, and short-term banking and credit facilities in the ordinary course of business,(ii) payments due as interest on loans and as net income from investments,(iii) remittances for living expenses of parents, spouse and children residing abroad, and(iv) expenses in connection with foreign travel, education and medical care of parents, spouse and children. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2 (j)]...
transaction
transaction 1 : something transacted ;esp : an exchange or transfer of goods, services, or funds 2 a : an act, process, or instance of transacting b : an action or activity involving two parties or things that reciprocally affect or influence each other 3 in the civil law of Louisiana : an onerous contract that is intended by the parties to prevent or end actual or possible litigation and in which they make reciprocal concessions compare accord, satisfaction ...
Benami transaction
Benami transaction, means any transaction in which property is transferred to one person for a consideration paid or provided by another person. [Benami Transactions (Prohibition) Act, 1988 (45 of 1988), S. 2 (a)]...
Capital account transaction
Capital account transaction, means a transaction which alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India or assets or liabilities in India of persons resident outside India, and includes transactions referred to in sub-s. (3) of s. 6. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2(e)]...
Void transaction which is not to be recognised
Void transaction which is not to be recognised, means there is a clear distinction between a trans-action being void, that is non-existent from its very inception and a ban against its recognition. Indeed, when it is said that such a transaction is not to be recognized for any purpose whatsoever, it postulates that the transaction does exist and it is valid, but it not to be recognised, Kalawati v. Bisheshwar, AIR 1968 SC 261...
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