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98. Definitions. |
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—In this Chapter, unless the context otherwise requires,—
(1) "Appellate Tribunal" means the Appellate Tribunal constituted under section 252 of the Income-tax Act, 1961 (43 of 1961);
(2) "Assessing Officer" means the Income-tax Officer or Assistant Commissioner of Income-tax or Deputy Commissioner of Income-tax or Joint Commissioner of Income-tax or Additional Commissioner of Income-tax who is authorised by the Board to exercise or perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer under this Chapter;
(3) "commodities transaction tax" means tax leviable on the taxable commodities transactions under the provisions of this Chapter;
(4) "prescribed" means prescribed by rules made under this Chapter;
(5) "taxable commodities transaction" means a transaction of purchase or sale of option in goods, or option in commodity derivative, or any other commodity derivative, traded in recognised associations;
(6) words and expressions used but not defined in this Chapter and defined in the Forward Contracts (Regulations) Act, 1952 (74 of 1952), the Income-tax Act, 1961 (43 of 1961), or the rules made thereunder, shall have the meanings respectively assigned to them in those Acts.
Clause 98 of the Bill is the definition provision. Sub-clause (5) of this clause defines taxable commodities transaction to mean a transaction of purchase or sale of option in goods, or option in commodity derivative, or any other commodity derivative, traded on recognised associations.
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