106. In this Chapter, unless the context otherwise requires,—
(1) “Appellate Tribunal” means the Appellate Tribunal constituted under section 252 of the Income tax Act, 1961; (43 of 1961)
(2) “Assessing Officer” means the Income-tax Officer or Assistant Commissioner of Income-tax or Deputy Commissioner of Income-tax or Joint Commissioner of Income-tax or Additional Commissioner of Income-tax who is authorised by the Board to exercise or perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer under this Chapter;
(3) “Board” means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963;(54 of 1963).
(4) “commodities transaction tax” means tax leviable on the taxable commodities transactions under the provisions of this Chapter;
(5) “commodity derivative” means––
(i) a contract for delivery of goods which is not a ready delivery contract; or
(ii) a contract for differences which derives its value from prices or indices of prices––
(A) of such underlying goods; or
(B) of related services and rights, such as warehousing and freight; or
(C) with reference to weather and similar events and activities, having a bearing on the commodity sector;
(6) “prescribed” means prescribed by rules made under this Chapter;
(7) “taxable commodities transaction” means a transaction of sale of commodity derivatives in respect of commodities, other than agricultural commodities, traded in recognised associations;
(8) words and expressions used but not defined in this Chapter and defined in the Forward Contracts (Regulation) Act, 1952(74 of 1952), the Income-tax Act, 1961(43 of 1961), or the rules made thereunder, shall have the meanings respectively assigned to them in those Acts.
Notes on Clauses:
Clause 106 of the Bill seeks to define certain terms and expressions used in this Chapter.
