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TMI BlogSubstitution of new section for section 2X X X X Extracts X X X X X X X X Extracts X X X X ..... al Commissioner or a Joint Commissioner as defined in clauses (1C) and (28C) respectively of section 2 of the Income-tax Act, 1961; (43 of 1961.) (5) attachment means the prohibition of transfer, conversion, disposition 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 transacti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paid out of the known sources of the individual; or (B) a transaction or an arrangement in respect of a property carried out or made in a fictitious name; or (C) a transaction or an arrangement in respect of a 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, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribed; (17) firm shall have the same meaning as assigned to it in section 4 of the Indian Partnership Act, 1932 (9 of 1932.) and shall include a limited liability partnership as defined in the Limited Liability 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; and (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; (19) Initiating Officer means an Assistant Commissioner or a Deputy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) transfer includes sale, purchase or any other form of transfer of right, title, possession or lien; (30) trustee means the trustee as defined in the section 3 of the Indian Trusts Act, 1882; (2 of 1882.) (31) words and expressions used herein and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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