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Yogita Ingle 5 years, 11 months ago
Internal trade is also known as domestic trade, and as the name suggests it is the trade of domestic goods within the confines of the geographical boundaries of a nation. So the buying and selling of either goods or services done within a country is the internal trade.
In such cases of internal trade, there is no levying of import/export taxes or customs duties. Only local government taxes will apply. These are goods domestically produced for domestic consumption only. Now there are two broad categories of internal trade, namely wholesale trade and retail trade. Here we will be focussing on the intricacies of wholesale trade.
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Yogita Ingle 5 years, 11 months ago
| Ownership | Possession |
| Ownership involves the absolute rights and legitimate claim to an object. It means to own the object by the owner. | Possession is more the physical control of an object. The possessor has a better claim to the title of the object than anyone, except the owner himself. |
| Ownership is the right of the owner against the world indefinite in point of the user, unrestricted in point of disposition or destroying and unlimited in point of duration over a thing | As per the definitions, it is the continuous exercise of a claim to exclusively possess and use the object/thing. |
| Ownership itself gives the owner the right to possession. | However, it does not indicate the right to ownership. |
| The transfer of ownership is a technical and long process and involves conveyance | Transfer of possession is fairly easier and less technical. |
| Ownership is essentially a bundle of rights, all rights in rem. | It is not a right, just a prima facie evidence of ownership |
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Yogita Ingle 5 years, 11 months ago
Powers and Functions of the Supreme Court of India are:
- It is the highest court of appeal in the civil and criminal cases.
- The Supreme Court can hear appeal against the decisions of the High Court.
- It can decide any disputes which arise between the citizens of the country, between citizens and the Government, between two or more state governments and between the Central and the State Governments.
- The Supreme Court can declare any law passed by the Government as illegal if it violates any provisions of the Constitution.
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Yogita Ingle 5 years, 11 months ago
Credit Vouchers: Credit vouchers are prepared for recording transactions related to receipt of cash only. The business may receive cash because of the following reasons. Income received in cash, for e.g., rent received, interest received, dividend received on investments etc
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