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TMI BlogDefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... position or movement of property, by an order issued under this Act; (6) authority means an authority referred to in sub-section (1) of section 18; (7) banking company means a company to which the provisions of the Banking Regulation Act, 1949, (10 of 1949.) applies and includes any bank or banking institution referred to in section 51 of that Act; (8) benami property means any property which is the subject matter of a benami transaction and also includes the proceeds from such property; (9) benami transaction means,- (A) a transaction or an arrangement- (a) where a property is transferred to, or is held by, a person, and the consideration for such property has been provided, or paid by, another person; and (b) the property is held for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property where the owner of the property is not aware of, or, denies knowledge of, such ownership; (D) a transaction or an arrangement in respect of a property where the person providing the consideration is not traceable or is fictitious; Explanation .-For the removal of doubts, it is hereby declared that benami transaction shall not include any transaction involving the allowing of possession of any property to be taken or retained in part performance of a contract referred to in section 53A of the Transfer of Property Act, 1882, if, under any law for the time being in force,- (i) consideration for such property has been provided by the person to whom possession of property has been allowed but the person who has granted possession thereo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Partnership Act, 2008; (6 of 2009.) (18) High Court means- (i) the High Court within the jurisdiction of which the aggrieved party ordinarily resides or carries on business or personally works for gain; 3 [****] (ii) where the Government is the aggrieved party, the High Court within the jurisdiction of which the respondent, or in a case where there are more than one respondent, any of the respondents, ordinarily resides or carries on business or personally works for gain; 4 [ and ] 5 [ (iii) the High Court within the jurisdiction of which the office of the Initiating Officer is located, (a) where the aggrieved party does not ordinarily reside or carry on business or personally work for gain in the jurisdiction of any High Court; (b) where t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r sub-clauses (i) to (v); (25) prescribed means prescribed by rules made under this Act; (26) property means assets of any kind, whether movable or immovable, tangible or intangible, corporeal or incorporeal and includes any right or interest or legal documents or instruments evidencing title to or interest in the property and where the property is capable of conversion into some other form, then the property in the converted form and also includes the proceeds from the property; (27) public financial institution shall have the same meaning as assigned to it in clause (72) of section 2 of the Companies Act, 2013; (18 of 2013.) (28) Special Court means a Court of Session designated as Special Court under sub-section (1) of section 50; (29) t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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