India - Income Tax Act 2010 - Saarc

1.29 CH. I - PRELIMINARY S. 2(48)or special order in writing, to exercise the powers of a Tax RecoveryOfficer 25 [and also to exercise or perform such powers and functionswhich are conferred on, or assigned to, an Assessing Officer under thisAct and which may be prescribed];](45) “total income” means the total amount of income referred to insection 5, computed in the manner laid down in this Act ;(46) 26 [* * *]27(47) 28 [“transfer” 29 , in relation to a capital asset, includes,—(i) the sale 29 , exchange 29 or relinquishment 29 of the asset ; or(ii) the extinguishment of any rights therein 29 ; or(iii) the compulsory acquisition thereof under any law ; or(iv) in a case where the asset is converted by the owner thereof into,or is treated by him as, stock-in-trade of a business carried on byhim, such conversion or treatment ;] 30 [or]31[(iva) the maturity or redemption of a zero coupon bond; or]32[(v) any transaction involving the allowing of the possession of anyimmovable property to be taken or retained in part performanceof a contract of the nature referred to in section 53A 33 of theTransfer of Property Act, 1882 (4 of 1882) ; or(vi) any transaction (whether by way of becoming a member of, oracquiring shares in, a co-operative society, company or otherassociation of persons or by way of any agreement or anyarrangement or in any other manner whatsoever) which has theeffect of transferring, or enabling the enjoyment of, any immovableproperty.Explanation.—For the purposes of sub-clauses (v) and (vi),“immovable property” shall have the same meaning as in clause (d) ofsection 269UA;]34[(48) “zero coupon bond” means a bond—(a) issued by any infrastructure capital company or infrastructure25. Inserted by the Taxation Laws (Amendment) Act, 2006, w.e.f. 13-7-2006.26. Omitted by the Finance Act, 1965, w.e.f. 1-4-1965.27. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act. For Letter F. No.34/11/65-IT(A-I), dated 15-1-1966, Circular No. 751, dated 10-2-1997 and Circular No.2/2008, dated 22-2-2008, see Taxmann’s Master Guide to Income-tax Act.28. Substituted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985.29. For the meaning of the terms/expression “transfer”, “sale”, “exchange”, “relinquishment”and “extinguishment of any rights therein”, see Taxmann’s Direct Taxes Manual, Vol. 3.30. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988.31. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.32. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988.33. For text of section 53A of the Transfer of Property Act, 1882, see Appendix.34. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. Earlier clause (48) was omitted by theDirect Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. It was later reintroduced by theDirect Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989 and again omitted by the FinanceAct, 1992, w.e.f. 1-4-1993.