India - Income Tax Act 2010 - Saarc

S. 269A I.T. ACT, 1961 1.874(c) “court” means a principal civil court of original jurisdiction unless theCentral Government has appointed (as it is hereby authorised to do)any special judicial officer within any specified local limits to performthe functions of the court under this Chapter ;13[(d) “fair market value”,—(i) in relation to any immovable property transferred by way of saleor exchange, being immovable property of the nature referred toin sub-clause (i) of clause (e), means the price that the immovableproperty would ordinarily fetch on sale in the open market on thedate of execution of the instrument of transfer of such property ;(ii) in relation to any immovable property transferred by way oflease, being immovable property of the nature referred to insub-clause (i) of clause (e), means the premium that suchtransfer would ordinarily fetch in the open market on the date ofexecution of the instrument of transfer of such property, if theconsideration for such transfer had been by way of premiumonly ;(iii) in relation to any immovable property transferred, being immovableproperty of the nature referred to in sub-clause (ii) of clause(e), means the consideration in the form of money that suchtransfer would ordinarily fetch in the open market on the date ofthe transfer, if such transfer had been made only for considerationin money ;](e) 14 [“immovable property” means,—(i) any land or any building] or part of a building, and includes,whereany land or any building or part of a building is transferred togetherwith any machinery, plant, furniture, fittings or other things, suchmachinery, plant, furniture, fittings or other things also.Explanation.—For the purposes of this 15 [sub-clause], land, building,part of a building, machinery, plant, furniture, fittings andother things include any rights therein ;16[(ii) any rights of the nature referred to in clause (b) of sub-section (1)of section 269AB ;]17[(f) “instrument of transfer” means the instrument of transfer registeredunder the Registration Act, 1908 (16 of 1908), or, as the case may be,the statement registered under section 269AB with the competentauthority ;](g) “person interested”, in relation to any immovable property, includesall persons claiming, or entitled to claim, an interest in the compensa-13. Substituted by the Income-tax (Amendment) Act, 1981, w.e.f. 1-7-1982.14. Substituted for ‘ “immovable property” means any land or any building’, ibid.15. Substituted for “clause”, ibid.16. Inserted, ibid.17. Substituted, ibid.