Surplus - Indian Laws - General

Meaning of the word surplus As per Black s Law Dictionary, Eighth Edition, reads thus- 1. The remainder of a thing; the residue or excess. 2. The excess of receipts over disbursements. 3. Funds that remain after a partnership has been dissolved and all its debts paid. 4. A corporation s net worth, beyond the part value of capital stock. - Also termed overplus. In Oxford Dictionary , reads thus- An amount left over, a an excess of revenue over expenditure. b the excess value of a company s assets over the face value of its stock. Adj. Exceeding what is needed or used. In Merriam-Webster s Collegiate Dictionary , reads thus- 1a: the amount that remains when use or need is satisfied b: an excess of receipts over disbursements 2: the excess of a corporation s net worth over the par or stated value of its stock. VISVESVARAYA TECHNOLOGICAL UNIVERSITY VERSUS ASSISTANT CIT - 2014 (2) TMI 658 - KARNATAKA HIGH COURT