India - Income Tax Act 2010 - Saarc

S. 2(44) I.T. ACT, 1961 1.2816[Explanation 3.—For the purposes of this clause, the expressions“specified security” and “sweat equity shares” shall have the meaningsrespectively assigned to them in the Explanation to clause (d) of subsection(1) of section 115WB;]17[(42B) “short-term capital gain” means capital gain arising from the transferof a short-term capital asset ;]18[(42C) “slump sale” means the transfer of one or more undertakings as aresult of the sale for a lump sum consideration without values beingassigned to the individual assets and liabilities in such sales.Explanation 1.—For the purposes of this clause, “undertaking” shallhave the meaning assigned to it in Explanation 1 to clause (19AA).Explanation 2.—For the removal of doubts, it is hereby declared thatthe determination of the value of an asset or liability for the solepurpose of payment of stamp duty, registration fees or other similartaxes or fees shall not be regarded as assignment of values toindividual assets or liabilities ; ]19[(43) “tax” in relation to the assessment year commencing on the 1st day ofApril, 1965, and any subsequent assessment year means income-taxchargeable under the provisions of this Act, and in relation to anyother assessment year income-tax and super-tax chargeable underthe provisions of this Act prior to the aforesaid date 20 [and in relationto the assessment year commencing on the 1st day of April, 2006, andany subsequent assessment year includes the fringe benefit taxpayable under section 115WA] ;]21[(43A) “tax credit certificate” means a tax credit certificate granted to anyperson in accordance with the provisions of Chapter XXII-B 22 and anyscheme made thereunder ;](43B) 23 [* * *]24[(44) “Tax Recovery Officer” means any Income-tax Officer who may beauthorised by the Chief Commissioner or Commissioner, by general(Contd. from p. 1.27)(ii) Government securities;(iia) such other instruments as may be declared by the Central Government to besecurities; and(iii) rights or interest in securities;’16. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008.17. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988.18. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000. Earlier clause (42C) was inserted by theDirect Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1990 and later on omitted bythe Finance Act, 1990, w.e.f. 1-4-1990.19. Substituted by the Finance Act, 1965, w.e.f. 1-4-1965.20. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.21. Inserted by the Finance Act, 1965, w.e.f. 1-4-1965.22. Chapter XXII-B was omitted by the Finance Act, 1990, w.e.f. 1-4-1990.23. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Original clause(43B) was inserted by the Finance (No. 2) Act, 1971, w.e.f. 1-1-1972.24. Substituted by the Direct Tax Laws (Amendment) Act, 1987 [as amended by the Direct TaxLaws (Amendment) Act, 1989], w.r.e.f. 1-4-1988. Prior to substitution, clause (44) wassubstituted by the Finance Act, 1963, w.r.e.f. 1-4-1962.