Wholly - Law Dictionary Search Results
Home Dictionary Name: whollyWholly and exclusively
Wholly and exclusively, the expression 'wholly and exclusively' used in s. 10(2)(xv) of the Income Tax Act, 1922 does not mean 'necessarily'. Ordinarily it is for the assessee to decide whether any expenditure should be incurred in the course of his or its business. Such expenditure may be incurred voluntarily and without any necessity and if it is incurred for promoting the business and to earn profits, the assessee can claim deduction under s. 10(2)(xv) of the Act even though there was no compelling necessity to incur such expenditure. It is relevant to refer at this stage to the legislative history of s. 37 of the Income Tax Act, 1961 which corresponds to s. 10(2)(xv) of the Income Tax Act, 1922. An attempt was made in the Income Tax Bill of 1961 to lay down the 'necessity' of the expenditure as a condition for claiming deduction under s. 37. S. 37(1) in the Bill read 'any expenditure . . . laid out or expended wholly, necessarily and exclusively for the purposes of the business or ...
Wholly for religious or charitable purpose
Wholly for religious or charitable purpose, the expression 'wholly for religious or charitable purpose' means that property under trust is held wholly for religious or charitable purposes, AIR 1967 Mad 396 (397). [Madras Agricultural Income Tax Act, 1955, s. 4(b)]...
Wholly and exclusively for purposes of such business
Wholly and exclusively for purposes of such business, the expenditure of a capital nature is certainly not an expenditure which is deductible for computing profits though it may be an expenditure wholly and exclusively laid out for the purposes of the business etc. If this expenditure is not a capital nature but of a revenue nature it is certainly deductible under this clause. All other expenditure which is not included in (i) or (xiv) or which is not at the very inception deductible as an overriding charges on the whole of the profit-making apparatus will be deductible if it is laid out or expenditure wholly and exclusively for pur-poses of such business, C.I.T. Kerala v. Travancere Sugar and Chemicals Ltd., AIR 1973 SC 982 (986). [Income Tax Act (11 of 1922), s. 10(2) (xv)]...
Wholly
Wholly, the word 'wholly' means entirely completely fully, totally and in every respect and, to put a fetter to the rights of females heir to claim partition the dwelling house must be entirely, completely, totally and fully occupied by the members of the family, AIR 1988 Cal 115(117). (Hindu Succession Act, 1956, s. 23)...
Wholly or in part
Wholly or in part, the words 'wholly or in part' determine only the taxability of the person and not the grade or amount of tax, State of Punjab v. Prem Sukhdas, AIR 1977 SC 1640: (1977) 2 SCC 774: (1977) 3 SCR 408....
Wholly owned subsidiary abroad
Wholly owned subsidiary abroad, means a foreign concern formed, registered or incorporated in a foreign country in accordance with the laws and regulations of that country and whose entire capital is owned by an Indian entity. [Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, s. 2 (h)]...
Sky Sign
Sky Sign. This expression is defined in s. 91 (3) of the Public Health Acts Amendment Act, 1907, as follows:-'Sky sign' meansAny word, letter, model, sign, device, or representa-tion in the nature of an advertisement, announce-ment, or direction supported on or attached to any post, pole, standard, framework, or other support wholly or in part upon, over, or above any house, building or structure which, or any part of which, sky sign shall be visible against the sky from some point in any street or public way, and includes all and every part of any such post, pole, standard, framework, or other support.The expression 'sky sign' shall also include:Any balloon, parachute, or other similar device employed wholly or in part for the purposes of any advertisement or announcement on, over, or above any house, building, structure, or erection of any kind, or on or over any street or public way;But shall not include:(a) Any flagstaff, pole, vane, or weathercock unless adapted or used wholly or ...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
Power
Power, in respect of court the word 'power' means an authority expressly or impliedly conferred on the court by law to do that which without that sanction it could not have done, consent cannot give jurisdiction, K.E. v. Vithu, (1899) 1 Bom LR 157.Power, is an authority reserved by, or limited to, a person to dispone, either wholly or partially, of movable or immovable property, either for his own benefit or for that of others. The word is used as a technical term and is distinct from the dominion which a man has over his own estate by virtue of ownership, Stroud's Judicial Dictionary.Power, is not synonymous with jurisdiction, K.E. v. Vithu, (1899) 1 Bom LR 157.Power, may be general or implied. The general powers are such as the donee can exercise in favour of such person or persons as he pleases, including himself, Mahadeo Ramchandra v. Damodar Vishwanath, AIR 1957 Bom 218.Means any form of energy which is not generated by human or animal agency. [The Gujarat Lifts and Escalators Act...
Holding
Holding. For the purposes of the Agricultural Holdings Act, 1923 (13 & 14 Geo. 5, c. 9), holding is defined [s. 57(1)] as follows: 'Holding' does not include an allotment garden or include any land cultivated as a garden unless it is cultivated wholly or mainly for the purpose of the trade or business of market gardening but, except as aforesaid, means 'any parcel of land held by a tenant which is either wholly agricultural or wholly pastoral, or in part agricultural and as to the residue pastoral, or in whole or in part cultivated as a market garden, and which is not let to the tenant during his continuance in any office, appointment or employment held under the landlord.' The Agricultural Holdings (Scotland) Act, 1923 (13 & 14 Geo. 5, c. 10), contains a similar definition in s. 49; also in Scots law to signify the tenure or nature of the right given by the superior to the vassal.Holding is defined by s. 2(2) of the Travancore-Cochin Kanam Tenancy Act, 1955 as a parcel or parcels of l...
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