Undivided Profits - Law Dictionary Search Results
Home Dictionary Name: undivided profitsUndivided profits
Undivided profits, the amount designated as 'Undivided profits' is a part of the reserves and has to be taken into account when computing the capital and reserves within Rule 2(1) of Schedule II of the Act, First National City Bank v. CIT, AIR 1961 SC 812: (1961) 3 SCR 371. [Business Profits Tax Act, 1947, Sch. II, Rule 2(1)]...
undivided profits
undivided profits : earnings of a business that have been retained instead of being distributed to stockholders or owners or designated as surplus compare surplus ...
Accumulated profits
Accumulated profits, Profit that has accrued but not yet been distributed; earned surplus - also termed undivided profits, See C.I.T. v. Urmila Ramesh, (1997) 4 SCC 93: AIR 1997 SC 1841....
Undivided shares in land
Undivided shares in land. Before 1926 a legal estate in undivided shares in land was held by joint tenants, tenants in common, coparceners, and by husband and wife as tenants by entireties (see those titles), but now by the Law of Property Act, 1925, s. 1 (6), a legal estate is not capable of subsisting or of being created in an undivided share inland, and by the same s. 1 (3) and ss. 34 (4), 205, and 1st Sch., Part IV., and cf. TRUST FOR SALE, such shares are to take effect as equitable interests only in the net proceeds of sale and of the rents and profits of the entirety of the land until sale, while the legal estate must be held by trustees for sale of the entire undivided property. It should be noticed that shares only are affected by these provisions. The legal estate in the joint tenancy in the entirety of the trustees for sale persists ex necessitate rei, and this is given effect to by s. 36, as amended, prohibiting severance of the legal estate in joint tenancy and providing f...
Reserve
Reserve, the term 'reserve' is not defined in the Act. The dictionary meaning of the word 'Reserve' is: To keep for future use or enjoyment; to store up for some time or occasion; to refrain from using or enjoying at once. To keep back or hold over to a later time or place or for further treatment. To set apart for some purpose or with some end in view; to keep for some use. To retain or preserve for certain purposes.' (Oxford Dictionary). In Webster's New International Dictionary, Second Edition, page 2118, 'Reserve' is defined as follows:To keep in store for future or special use; to keep in reserve; to retain, to keep, as for oneself. To keep back; to retain or hold over to a future time or place. To preserve, Commissioner of Income Tax v. Century Spinning and Manufacturing Co., AIR 1953 SC 501: (1954) SCR 203.(ii) As to what the word 'Reserves' as used in the Business Profits Tax Act connotes, was considered by this Court in Commissioner of Income-tax v. Century Spinning & Manufact...
Bonus shares
Bonus shares, bonus share is an accretion. A bonus share is issued when the company capitalises its profits by transferring an amount equal to the face value of the share from its reserve to the nominal capital. In other words the undistributed profit of the company is retained by the company under the head of capital against the issue of further shares to its shareholders. Bonus shares have, therefore, been described as a distribution of capitalised undivided profit, Standard Chartered Bank v. Custodian, (2000) 6 SCC 427: AIR 2000 SC 1488 (1499). [Companies Act, 1956 Sch I, Table A, Rr. 96 (97)]...
Hindu undivided family
Hindu undivided family, A Hindu undivided family is a fleeting body. Its composition changes by births, deaths, marriages and divorces. Such a partnership is likely to have a precarious existence, Messrs Agarwal and Co. v. Commissioner of Income-tax, AIR 1970 SC 1343: (1971) 1 SCR 237: (1970) 2 SCC 48.The expression 'Hindu undivided family' in the Income-tax Act is used in the sense in which a Hindu joint family is understood under the various schools of Hindu law (see Attorney-General of Ceylon v. Ar. Arunachalam Chettiar (1958) 34 ITR 42: 1957 AC 540) and Gowli Buddanna v. CIT. (supra). In the case of CIT v. Rm. Are. Veerappa Chettiar, ((1970) 3 SCR 307: (1970) 76 ITR 467: (1970) 1 SCC 174) the Supreme Court observed that under the Hindu law it is not predicated of a Hindu joint family that there must be a male members. It was accordingly held that so long as the property which was originally of the joint Hindu family remains in the hands of the Widows of the members of the family an...
Partnership firm of Hindu undivided family
Partnership firm of Hindu undivided family, a firm in a partnership and a Hindu undivided family are recognised as legal entities and as such proceedings can only be taken against the firm or un divided family as the case may be. Neither the partners of the firm nor the members of the Hinduundivided family will be liable for the tax assessed against the firm or the undivided Hindu family, Commissioner of Sales Tax v. Radhakirhshan, AIR 1979 SC 1588: (1979) 2 SCC 249: (1979) 2SCR 33....
surplus
surplus 1 a : an amount that remains when a use or need is satisfied b : an excess of receipts over disbursements c : the value of assets after subtracting liabilities 2 : an excess of the net worth of a corporation over the par value of its capital stock compare undivided profits capital surplus : all surplus other than earned surplus earned surplus : the surplus that remains after deducting losses, distributions to stockholders, and transfers to capital stock accounts paid-in surplus : surplus resulting from the sale of stock at amounts above par ...
Undivided family
Undivided family, the words 'undivided family' in the context mean undivided qua the dwelling house as that the family which owns the house had not been divided by metes and bounds, Dorab Cawasji Warden v. Coomi Sorab Warden, AIR 1990 SC 867: (1990) 2 SCC 117: (1990) 1 SCR 332....
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