Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
equitable recoupment
Tax. 1. A doctrine allowing a taxpayer to offset previously overpaid taxes against current taxes due, even though the taxpayer is time-barred from claiming a refund on the previous taxes. 2. A doctrine allowing the government to offset taxes previously uncollected from a taxpayer against the taxpayer's current claim for a refund, even though the government is time-barred from collecting the previous taxes. 0 In both senses, this type of recoupment can be asserted only if the statute of limitations has created an inequitable result. See RECOUPMENT (2).
equitable-recoupment doctrine
A principle that diminishes a party's right to recover a debt to the extent that the party holds money or property of the debtor to which the party has no right. ( This doctrine is ordinarily a defensive remedy going only to mitigation of damages. The doctrine is sometimes applied so that a claim for a tax refund that is barred by limitations may nonetheless be recouped against a tax claim of the government. equitable relief See equitable remedy under REMEDY.
recoupment
n. 1. The recovery or regaining of something, esp. expenses. 2. The withholding, for equitable reasons, of all or part of something that is due. See EQUITABLE RECOUPMENT. 3. Reduction of a plaintiffs damages because of a demand by the defendant arising out of the same transaction. Cf. SETOFF. 4. The right of a defendant to have the plaintiffs claim reduced or eliminated because of the plaintiffs breach of contract or duty in the same transaction. 5. An affirmative defense alleging such a breach. 6. Archaic. A counterclaim arising out of the same transaction or occurrence as the one on which the original action is based. ( In modern practice, the recoupment has been replaced by the compulsory counterclaim. - recoup, vb.