Section – 116, Commodities Transaction Tax :
Definitions
116. 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) | “Board” means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963); | |
| (4) | “commodities transaction tax” means tax leviable on the taxable commodities transactions under the provisions of this Chapter; | |
| (5) | “commodity derivative” means— |
| (i) | a contract for delivery of goods which is not a ready delivery contract; or | |
| (ii) | a contract for differences which derives its value from prices or indices of prices— |
| (A) | of such underlying goods; or | |
| (B) | of related services and rights, such as warehousing and freight; or | |
| (C) | with reference to weather and similar events and activities, |
| having a bearing on the commodity sector; | ||
| (6) | “prescribed” means prescribed by rules made under this Chapter; | |
| (7) | “taxable commodities transaction” means a transaction of sale of commodity derivatives in respect of commodities, other than agricultural commodities, traded in recognised associations; | |
| (8) | words and expressions used but not defined in this Chapter and defined in the Forward Contracts (Regulation) 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 |