India - Income Tax Act 2010 - Saarc

S. 269A I.T. ACT, 1961 1.872(v) in relation to the Union territory of 4 [Lakshadweep], the High Courtof Kerala ;5[(va) in relation to the Union territory of Chandigarh, the High Court ofPunjab and Haryana ;]6[(vi) in relation to the Union territories of Dadra and Nagar Haveli and7[* * *] Daman and Diu, the High Court at Bombay ; and(vii) in relation to the Union territory of Pondicherry, the High Court atMadras.]8[CHAPTER XX-AACQUISITION OF IMMOVABLE PROPERTIES IN CERTAIN CASES OFTRANSFER TO COUNTERACT EVASION OF TAXDefinitions.269A. In this Chapter, unless the context otherwise requires,—(a) 9 [“apparent consideration”,—(1) in relation to any immovable property transferred, beingimmovable property of the nature referred to in sub-clause (i) ofclause (e), means,—](i) if the transfer is by way of sale, the consideration for suchtransfer 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 transferconsists of a thing or things only, the price that suchthing or things would ordinarily fetch on sale in the openmarket on the date of execution of the instrument oftransfer ;(B) in a case where the consideration for the transferconsists of a thing or things and a sum of money, theaggregate of the price that such thing or things wouldordinarily fetch on sale in the open market on the dateof execution of the instrument of transfer and suchsum ;10[(iii) if the transfer is by way of lease,—4. Substituted for “the Laccadive, Minicoy and Amindivi Islands” by the Laccadive, Minicoyand Amindivi Islands (Alteration of Name) Adaptation of Laws Order, 1974, w.r.e.f.1-11-1973.5. Inserted by the Punjab Reorganisation and Delhi High Court (Adaptation of Laws onUnion Subjects) Order, 1968, w.r.e.f. 1-11-1966.6. Inserted by the Taxation Laws (Extension to Union Territories) Regulation, 1963, w.e.f.1-4-1963.7. Word “Goa,” omitted by the Finance Act, 1994, w.e.f. 1-4-1995.8. Chapter XX-A, consisting of sections 269A to 269S, inserted by the Taxation Laws(Amendment) Act, 1972, w.e.f. 15-11-1972 and ceased to operate in respect of transfer ofimmovable property made after 30-9-1986.9. Substituted for ‘ “apparent consideration”, in relation to any immovable property transferred,means,—’ by the Income-tax (Amendment) Act, 1981, w.e.f. 1-7-1982.10. Inserted, ibid.