Undivided Profits - Law Dictionary Search Results
Home Dictionary Name: undivided profits Page 1 of about 13 results ( seconds)Undivided 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 ...
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...
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....
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)]...
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 ...
Person
Person, a Hindu Undivided Family is a person, Kshetra Mohan-Sannyasi Charan Sadhukhan v. Commissioner of Excess Profit Tax, West Bengal, AIR 1953 SC 516.According to company law it does not mean an unregistered firm, Firm Pannaji v. Devichand Kapurchand, 99 IC 640.Person, does not include court, Kharka Gigabhai Mavji v. Soni Jagjivan Kanji, (1979) 20 Guj LR 256.Person, implies only an individual and does not bear scrutiny when construed in the case of a company, a firm of partners or an association of persons, J.K. Industries Ltd. v. Chief Inspector of Factories and Boilers, (1997) SCC (205) 1.Person, in an Act of Parliament passed after 1st January, 1890, includes 'any body of persons corporate or unincorporate' unless the contrary intention appears, Interpretation Act, 1889, s. 19. A corporation, such as a limited company, may be a 'respectable and responsible person' within the meaning of a covenant against assignment in a lease, Willmott v. London Road Car Co., (1910) 2 Ch 525. A c...
Shares in public undertakings
Shares in public undertakings. Where the property is vested by charter or Act of Parliament in a body corporate, the shares of the individual corporators in the concern itself are personal, not real, estate; for such shares are merely the rights which each individual possesses as a partner to a share in the surplus profit derived from the employment of the capital, which is a mixed fund, consisting in part of personal chattels, as well as lands and fixtures. Shares in all companies which are within the Companies Acts (see the Companies Act, 1929, s. 62), OR THE Companies Clauses Act, 1845, are personal property; and in many cases of companies incorporated by special Act the shares have been expressly declared to be personal property. Before 1926 the question whether shares in other under-takings were real or personal property turned upon the nature of the shares-that is, whether the holder could call for a specific part of the land itself or only a share of the profits. See now UNDIVID...
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...
Statutory trusts
Statutory trusts. for the purposes of the (English) Law of Property Act, 1925, land held upon 'statutory trusts' shall be held upon trust for sale and to stand possessed of the net proceeds of sale after payment of costs and net rents and profits until sale subject to rates, taxes, and cost of insurance, repairs, and other outgoings, upon trust for the persons entitled under the settlement, including incumbrancers of former undivided shares, or not secured by a legal mortgage, and where an undivided share was subject to a settlement and the settlement remains subsisting in respect of other property and the trustees of the settlement are not the same persons as the trustees for sale the settled portion of the proceeds of sale is to be handed over to the settlement trustees as capital money under the (English) Settled Land Act, 1925 (s. 35 of the Law of Property Act, 1925). By s. 25, (English) L.P. Act, 1925, the trustees have power to postpone the sale unless a contrary direction appear...
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