Business Laws: Sources of Law in India

Vocabulary terms covering the foundational sources, structures, and legislative divisions of Indian business law as presented in the lecture notes.

Main Sources of Law in India

The Constitution, the statutes or laws made by Parliament and State Assemblies, Precedents or the Judicial Decisions of various Courts, and in some cases, established Customs and Usages.

Parliament

The ultimate law-making body in India's parliamentary democracy where representatives make laws that may apply throughout all or a portion of India.

State Legislatures

Bodies where representatives make laws that apply only within the borders of the states concerned.

Government of India Act, 1935

A precursor for the Constitution of India passed by the Parliament of the United Kingdom that defined the characteristics of the Government as transitioning from "unitary" to "federal".

Federal Court

Established in 1937 with appellate, original, and advisory jurisdiction; it operated for 12 years and heard roughly 151 cases before being supplanted by the Supreme Court of India.

Supreme Court of India

India's current Apex Court, which supplanted the earlier Federal Court.

Constitution of India, 1950

The foremost law that deals with the framework within which our democratic system works and our laws are made for the people, by the people.

Fundamental Rights

Specific rights of citizens that are provided for and protected by the Constitution.

Fundamental Duties

A set of duties for citizens as well as the powers and duties of Governments (Central and State) laid down by the Constitution.

Law-making Lists

The three lists in the Indian Constitution—Central List, State List, and Joint List—used to divide power between the Central Government and various State Governments.

Income Tax

An example of a Central subject implemented by the Central Government through the Ministry of Finance.

Levy of stamp duty

An example of a matter for which both Central as well as State Governments have laws and can pass legislation.

Statutes

Laws made by Parliament and State Assemblies.

Precedents

Judicial Decisions of various Courts that serve as a source of law.