Terms and Definitions

 

Adequate

1. The dictionary meaning of the words is 
1. Equal to a requirement or occasion; sufficient; suitable; as we have not adequate tools
2. barely satisfactory; acceptable but not remarkable;

Property

1. J.K Trust Vs Commissioner of Income Tax AIR 1957 SC 846
1. Property is a term of widest import, and subject to any limitation or qualification which the context might require, it signifies every possible interest which a person can acquire, hold, enjoy. 
2. Business undoubtedly be property, unless there is something to contrary in the enactment.

Valuable Security

1. True Test is that document must create, extend, transfer, restrict, extinguish or release a legal right or is document where by any person acknowledges a legal liability or he has not a legal right.
2. Ram Narain shau Vs Emperor, AIR 1933 Pat 601
1. Even invalid or imperfect document are valuable securities