8[CHAPTER XX-A
ACQUISITION OF IMMOVABLE PROPERTIES IN CERTAIN CASES OF
TRANSFER TO COUNTERACT EVASION OF TAX
Definitions.
269A. In this Chapter,
unless the context otherwise requires,
(a) 9[apparent consideration,
(1) in relation to any immovable property
transferred, being immovable property of the nature referred to in sub-clause (i) of clause
(e), means,]
(i) if the transfer is by
way of sale, the consideration for such transfer 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
transfer consists of a thing or things only, the price that such thing or
things would ordinarily fetch on sale in the open market on the date of
execution of the instrument of transfer ;
(B) in a case where the consideration for the
transfer consists of a thing or things and a sum of money, the aggregate of the
price that such thing or things would ordinarily fetch on sale in the open
market on the date of execution of the instrument of transfer and such sum ;
10[(iii) if
the transfer is by way of lease,
(A) in a case where the
consideration for the transfer consists of premium only, the amount of premium
as specified in the instrument of transfer ;
(B) in a case where the consideration for the
transfer consists of rent only, the aggregate of the moneys (if any) payable by
way of rent and the amounts for the service or things forming part of or
constituting the rent, as specified in the instrument of transfer ;
(C) in a case where the consideration for the
transfer consists of premium and rent, the aggregate of the amount of the
premium, the moneys (if any) payable by way of rent and the amounts for the
service or things forming part of or constituting the rent, as specified in the
instrument of transfer,
and where the whole or any part of the consideration for
such transfer is payable on any date or dates falling after the date of such
transfer, the value of the consideration payable after such date shall be
deemed to be the discounted value of such consi-deration,
as on the date of such transfer, determined by adopting the rate of interest at
eight per cent per annum ;
(2) in relation to any
immovable property transferred, being immovable property of the nature referred
to in sub-clause (ii) of clause (e), means,
(i) in a case where the
consideration for the transfer consists of a sum of money only, such sum ;
(ii) in a case where the consideration for the
transfer consists of a thing or things only, the price that such thing or
things would ordinarily fetch on sale in the open market on the date of the
transfer ;
(iii) in a case where the consideration for the
transfer consists of a thing or things and a sum of money, the aggregate of the
price that such thing or things would ordinarily fetch on sale in the open
market on the date of the transfer and such sum,
and where the whole or any part of the consideration for
such transfer is payable on any date or dates falling after the date of such
transfer, the value of the consideration payable after such date shall be
deemed to be the discounted value of such consideration, as on the date of such
transfer, determined by adopting the rate of interest at eight per cent per annum ;]
(b) competent authority
means 11[a 12[Joint] Commissioner] authorised by the Central Government under section 269B to perform the functions of a competent
authority under this Chapter ;
(c) court means a
principal civil court of original jurisdiction unless the Central Government
has appointed (as it is hereby authorised to do) any
special judicial officer within any specified local limits to perform the
functions of the court under this Chapter ;
13[(d) fair
market value,
(i) in relation to any immovable property
transferred by way of sale or exchange, being immovable property of the nature
referred to in sub-clause (i)
of clause (e), means the price
that the immovable property would ordinarily fetch on sale in the open market
on the date of execution of the instrument of transfer of such property ;
(ii) in relation to any immovable property
transferred by way of lease, being immovable property of the nature referred to
in sub-clause (i)
of clause (e), means the premium
that such transfer would ordinarily fetch in the open market on the date of
execution of the instrument of transfer of such property, if the consideration
for such transfer had been by way of premium only ;
(iii) in relation to any immovable property
transferred, being immovable property of the nature referred to in sub-clause (ii) of clause (e), means the consideration in the form of money that such
transfer would ordinarily fetch in the open market on the date of the transfer,
if such transfer had been made only for consideration in money ;]
(e) 14[immovable property
means,
(i) any land or any building] or part of a
building, and includes,where any land or any building
or part of a building is transferred together with any machinery, plant,
furniture, fittings or other things, such machinery, 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 and other
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 registered under the Registration
Act, 1908 (16 of 1908), or, as the case may be, the statement registered under section
269AB with the competent authority ;]
(g) person interested, in relation to any
immovable property, includes all persons claiming, or entitled to claim, an
interest in the compensation payable on account of the acquisition of that
property under this Chapter ;
18[(h) transfer,
(i) in relation to any immovable property referred
to in sub-clause (i)
of clause (e), means transfer of
such property by way of sale or exchange or lease for a term of not less than
twelve years, and includes allowing the possession of such property to be taken
or retained in part performance of a contract of the nature referred to in