Section 269A

²[CHAPTER XXA

ACQUISITION OF IMMOVABLE PROPERTIES IN CERTAIN CASES OF

TRANSFER TO COUNTERACT EVASION OF TAX

Definitions.

269A. In this Chapter, unless the context otherwise requires,—

(a) "apparent consideration", in relation to any immovable property transferred, 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 ;

(b) "competent authority" means an Assistant Commissioner of Income-tax 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", in relation to any immovable property transferred,. 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 ;

(e) "immovable property" means 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 clause, land, building, part of a building, machinery, plant, furniture, fittings and other things include any rights therein ;

(f) "instrument of transfer" means the instrument of transfer registered under the Registration Act, 1908 (16 of 1908) ;

(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", in relation to any immovable property, means transfer of such property by way of sale or exchange.

[As amended by the Finance Act, 1978]