Vested right

Terms "vested right" and "assertion" are not interchangeable or synonymous.

Definition.

Meaning and distinction.

connotation.

Income-tax Officer, treating the case of assessee as that of succession, excluded the Returns from the Scheme on the strength of C.B.R. Circular No.19 of 1988 issued on 5-10-1988 which provided that where a partner of a firm took over the business of an existing firm it would be a case of succession and if the last assessed income of the firm exceeded Rupees one lac the case of successor shall fall outside the scope of Simplified Assessment Procedure Scheme

Assessee challenged the exclusion of his case from th

Words and Phrases Vested right», «accrued right., and "substantive right"-What are "Vested right", an "accrued right" or a "substantive right" does not mean only title to property or office; a right, benefit or an advantage conferred by a statute, if availed of by doing a thing as required by the statute, is also a right of this kind. Again, if a right, benefit, or advantage conferred by a statute is dependent on the happening of a contingency, then the same becomes a 'vested or accrued right' after the contingency has happened.