What is Registration of certain transactions? What is Competent authority? Section 269AB and 269B of Income Tax Act 1961
Registration of certain transactions and Competent authority are defined under section 269AB and 269B of Income Tax Act 1961. Provisions under these Sections are:
Section 269AB of Income Tax Act "Registration of certain transactions"
Section 269AB. (1) The following transactions, that is to say,-
(a) every transaction involving the allowing of the possession of any immovable 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), and
(b) every transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement of whatever nature) whereby a person acquires any rights in or with respect to any building or part of a building (whether or not including any machinery, plant, furniture, fittings or other things therein) which has been constructed or which is to be constructed [not being a transaction by way of sale, exchange or lease of such building or part of a building which is required to be registered under the Registration Act, 1908 (16 of 1908)],
shall be reduced to writing in the form of a statement by each of the parties to such transaction or by any of the parties to such transaction acting on behalf of himself and on behalf of the other parties.
(2) Every statement in
respect of a transaction referred to in sub-section (1)
Section 269B of Income Tax Act "Competent authority"
Section 269B. (1) The Central Government may, by general or special order published in the Official Gazette,-
(a) authorise as many Joint Commissioners, as it thinks fit, to perform the functions of a competent authority under this Chapter ; and
(b) define the local limits within which the competent authorities shall perform their functions under this Chapter.
(2) In respect of any function to be performed by a competent authority under any provision of this Chapter in relation to any immovable property referred to in section 269C, the competent authority referred to therein shall,-
(a) in a case where such property is situate within the local limits of the jurisdiction of only one competent authority, be such competent authority ;
(b) in a case where such property is situate within the
local limits of the jurisdiction of two or more competent
authorities, be the competent authority empowered to perform
such functions in relation to such property in accordance
with rules made in this behalf by the Board under section
(3) No person shall be entitled to call in question the jurisdiction of a competent authority in respect of any immovable property after the expiry of thirty days from the date on which such competent authority initiates proceedings under section 269D for the acquisition of such property.
(4) Subject to the provisions of sub-section (3), where the jurisdiction of a competent authority is questioned, the competent authority shall, if satisfied with the correctness of the claim, by order in writing, determine the question accordingly and if he is not so satisfied, he shall refer the question to the Board and the Board shall, by order in writing, determine the question.
What is the meaning Properties liable for acquisition under this Chapter not to be acquired under other laws? What is Chapter not to apply where transfer of immovable property made after a certain date? What is Chapter not to extend to State of Jammu and Kashmir? Section 269R, 269RR and 269S of Income Tax Act 1961