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What is the Definition of High Court? What are acquisition of immovable properties and transfer Definitions? Section 269 and 269a of Income Tax Act 1961

Definition of High Court and acquisition of immovable properties and transfer Definitions are defined under section 269 and 269A of Income Tax Act 1961. Provisions under these Sections are:

Section 269 of Income Tax Act "Definition of "High Court""

Section 269. In this Chapter,-
"High Court" means-
(i) in relation to any State, the High Court for that State ;
(ii) in relation to the Union territory of Delhi, the High Court of Delhi ;
(iia) -
(iii) -

(iv) in relation to the Union territory of the Andaman and Nicobar Islands, the High Court at Calcutta ;
(v) in relation to the Union territory of Lakshadweep, the High Court of Kerala ;
(va) in relation to the Union territory of Chandigarh, the High Court of Punjab and Haryana ;
(vi) in relation to the Union territories of Dadra and Nagar Haveli and Daman and Diu, the High Court at Bombay ; and
(vii) in relation to the Union territory of Pondicherry, the High Court at Madras.

 

Section 269A of Income Tax Act "Definitions"

Section 269A. In this Chapter, unless the context otherwise requires,-
(a) "apparent consideration",-
(1) in relation to any immovable property transferred, being immovable property of the nature referred to in sub-clause (i) of clause (e), means,-
(i) if the transfer is by way of sale, the consideration for such transfer as specified in the instrument of transfer ;
(ii) if the transfer is by way of exchange,-
(A) in a case where the consideration for the transfer consists of a thing or things only, the price that such thing or things would ordinarily fetch on sale in the open market on the date of execution of the instrument of transfer ;
(B) in a case where the consideration for the transfer consists of a thing or things and a sum of money, the aggregate of the price that such thing or things would ordinarily fetch on sale in the open market on the date of execution of the instrument of transfer and such sum ;
(iii) if the transfer is by way of lease,-
(A) in a case where the consideration for the transfer consists of premium only, the amount of premium as specified in the instrument of transfer ;
(B) in a case where the consideration for the transfer consists of rent only, the aggregate of the moneys (if any) payable by way of rent and the amounts for the service or things forming part of or constituting the rent, as specified in the instrument of transfer ;
(C) in a case where the consideration for the transfer consists of premium and rent, the aggregate of the amount of the premium, the moneys (if any) payable by way of rent and the amounts for the service or things forming part of or constituting the rent, as specified in the instrument of transfer,
and where the whole or any part of the consideration for such transfer is payable on any date or dates falling after the date of such transfer, the value of the consideration payable after such date shall be deemed to be the discounted value of such consideration, as on the date of such transfer, determined by adopting the rate of interest at eight per cent per annum ;
(2) in relation to any immovable property transferred, being immovable property of the nature referred to in sub-clause (ii) of clause (e), means,-
(i) in a case where the consideration for the transfer consists of a sum of money only, such sum ;
(ii) in a case where the consideration for the transfer consists of a thing or things only, the price that such thing or things would ordinarily fetch on sale in the open market on the date of the transfer ;
(iii) in a case where the consideration for the transfer consists of a thing or things and a sum of money, the aggregate of the price that such thing or things would ordinarily fetch on sale in the open market on the date of the transfer and such sum,
and where the whole or any part of the consideration for such transfer is payable on any date or dates falling after the date of such transfer, the value of the consideration payable after such date shall be deemed to be the discounted value of such consideration, as on the date of such transfer, determined by adopting the rate of interest at eight per cent per annum ;
(b) "competent authority" means a Joint Commissioner authorised by the Central Government under section 269B to perform the functions of a competent authority under this Chapter ;
(c) "court" means a principal civil court of original jurisdiction unless the Central Government has appointed (as it is hereby authorised to do) any special judicial officer within any specified local limits to perform the functions of the court under this Chapter ;
(d) "fair market value",-
(i) in relation to any immovable property transferred by way of sale or exchange, being immovable property of the nature referred to in sub-clause (i) of clause (e), means the price that the immovable property would ordinarily fetch on sale in the open market on the date of execution of the instrument of transfer of such property ;
(ii) in relation to any immovable property transferred by way of lease, being immovable property of the nature referred to in sub-clause (i) of clause (e), means the premium that such transfer would ordinarily fetch in the open market on the date of execution of the instrument of transfer of such property, if the consi-deration for such transfer had been by way of premium only ;
(iii) in relation to any immovable property transferred, being immovable property of the nature referred to in sub-clause (ii) of clause (e), means the consideration in the form of money that such transfer would ordinarily fetch in the open market on the date of the transfer, if such transfer had been made only for consideration in money ;
(e) "immovable property" means,-
(i) any land or any building or part of a building, and includes,where any land or any building or part of a building is transferred together with any machinery, plant, furniture, fittings or other things, such machinery, plant, furniture, fittings or other things also.
Explanation.-For the purposes of this sub-clause, land, building, part of a building, machinery, plant, furniture, fittings and other things include any rights therein ;
(ii) any rights of the nature referred to in clause (b) of sub-section (1) of section 269AB ;
(f) "instrument of transfer" means the instrument of transfer registered under the Registration Act, 1908 (16 of 1908), or, as the case may be, the statement registered under section 269AB with the competent authority ;
(g) "person interested", in relation to any immovable property, includes all persons claiming, or entitled to claim, an interest in the compensation payable on account of the acquisition of that property under this Chapter ;
(h) "transfer",-
(i) in relation to any immovable property referred to in sub-clause (i) of clause (e), means transfer of such property by way of sale or exchange or lease for a term of not less than twelve years, and includes allowing the possession of such property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882).
Explanation.-For the purposes of this sub-clause, a lease which provides for the extension of the term thereof by a further term or terms shall be deemed to be a lease for a term of not less than twelve years if the aggregate of the term for which such lease has been granted and the further term or terms for which it can be so extended is not less than twelve years ;
(ii) in relation to any immovable property of the nature referred to in sub-clause (ii) of clause (e), means the doing of anything (whether by way of transfer of shares in a co-operative society or company or by way of any agreement or arrangement or in any other manner whatsoever) which has the effect of transferring, or enabling the enjoyment of, such property.

 

   
 

Income Tax Act 1961

What are the Powers of the Commissioner (Appeals)? What is Appellate Tribunal? Section 251 and 252 of Income Tax Act 1961

What is Appeals to the Appellate Tribunal? What is Orders of Appellate Tribunal? Section 253 and 254 of Income Tax Act 1961

What is Procedure of Appellate Tribunal? What is Statement of case to the High Court? Section 255 and 256 of Income Tax Act 1961

What is Statement of case to Supreme Court in certain cases? What is Power of High Court or Supreme Court to require statement to be amended? Section 257 and 258 of Income Tax Act 1961

What is Case before High Court to be heard by not less than two judges? What is Decision of High Court or Supreme Court on the case stated? Section 259 and 260 of Income Tax Act 1961

What is Appeal to High Court? What is the meaning of Case before High Court to be heard by not less than two Judges? Section 260A and 260B of Income Tax Act 1961

What is Appeal to Supreme Court? What is Hearing before Supreme Court? Section 261 and 262 of Income Tax Act 1961

What is Revision of orders prejudicial to revenue? What is Revision of other orders? Section 263 and 264 of Income Tax Act 1961

What is Tax to be paid notwithstanding reference, etc? What is Execution for costs awarded by Supreme Court? What is Amendment of assessment on appeal? Section 265, 266 and 267 of Income Tax Act 1961

What is Exclusion of time taken for copy? What is Filing of appeal or application for reference by income-tax authority? Section 268 and 268a of Income Tax Act 1961

What is the Definition of High Court? What are acquisition of immovable properties and transfer Definitions? Section 269 and 269a of Income Tax Act 1961

 

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