GENERAL KNOWLEDGE

Detailed explanation-1: -Under Section 2 (31), ‘Person’ is an AOP or Association of Persons or BOI (Body of Individuals) or a Local Authority or an artificial judicial person, or not, that Person or Body or Authorities or a Legal Person, was established or merged for revenue, profit or gains.

Detailed explanation-2: -General Clauses Act, 1897 in Section 3(42) defines ‘person’: “Person shall include any company or association or body. Supreme Court of India.

Detailed explanation-3: -(i) the amount paid on account of current repairs thereto; (ii) the amount of any premium paid in respect of insurance against risk of damage or destruction thereof.

Detailed explanation-4: -Under Section 2(31), A ‘Person’ is An Association Of Persons (AOP) or a Body Of Individuals (BOI) or a Local Authority or an Artificial Juridical Person, whether or not, such Person or Body or Authority or Juridical Person, was formed or established or incorporated with the object of deriving income, profits or gains.