India - Income Tax Act 2010 - Saarc

S. 269UB I.T. ACT, 1961 1.894(f) “transfer” 70a ,—(i) in relation to any immovable property referred to in sub-clause(i) of clause (d), means transfer of such property by way of sale orexchange or lease for a term of not less than twelve years, andincludes allowing the possession of such property to be taken orretained in part performance of a contract of the nature referredto in section 53A 71 of the Transfer of Property Act, 1882 (4 of 1882).Explanation.—For the purposes of this sub-clause, a lease whichprovides for the extension of the term thereof by a further termor terms shall be deemed to be a lease for a term of not less thantwelve years, if the aggregate of the term for which such lease isto be granted and the further term or terms for which it can beso extended is not less than twelve years ;(ii) in relation to any immovable property of the nature referred toin sub-clause (ii) of clause (d), means the doing of anything(whether by way of admitting as a member of or by way oftransfer of shares in a co-operative society or company or otherassociation of persons or by way of any agreement or arrangementor in any other manner whatsoever) which has the effect oftransferring, or enabling the enjoyment of, such property.Appropriate authority.269UB. (1) The Central Government may, by order, publish in the OfficialGazette,—(a) constitute as many appropriate authorities, as it thinks fit, to performthe functions of an appropriate authority under this Chapter ; and(b) define the local limits within which the appropriate authorities shallperform their functions under this Chapter.(2) An appropriate authority shall consist of three persons, two of whom shall bemembers of the Indian Income-tax Service, Group A, holding the post ofCommissioner of Income-tax or any equivalent or higher post, and one shall bea member of the Central Engineering Service, Group A, holding the post of ChiefEngineer or any equivalent or higher post.(3) In respect of any function to be performed by an appropriate authority underany provision of this Chapter in relation to any immovable property referred toin section 269UC, the appropriate authority referred to therein shall,—(a) in a case where such property is situate within the local limits of thejurisdiction of only one appropriate authority, be such appropriateauthority ;(b) in a case where such property is situate within the local limits of thejurisdiction of two or more appropriate authorities, be the appropriateauthority empowered to perform such functions in relation tosuch property in accordance with the rules 72 made in this behalf bythe Board under section 295.70a. For the meaning of the terms/expressions “person interested” and “transfer”, seeTaxmann’s Direct Taxes Manual, Vol. 3.71. For text of section 53A of the Transfer of Property Act, 1882, see Appendix.72. See rule 48J.