TMI BlogDefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 transaction or an arrangement- (a) where a property is transferred to, or is held by, a person, and the consideration for such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt 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, if, under any law for the time being in force,- (i) considera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be prescribed; (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; 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gistered under the Limited Liability Partnership Act, 2008; (6 of 2009.) (24) person shall include- (i) an individual; (ii) a Hindu undivided family; (iii) a company; (iv) a firm; (v) an association of persons or a body of individuals, whether incorporated or not, (vi) every artificial juridical person, not falling under 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or provided by another person; (b) prescribed means prescribed by rules made under this Act; (c) property means property of any kind, whether movable or immovable, tangible or intangible, and includes any right or interest in such property. 2. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-07-2021 before it was read as appointed under 3. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, and 4. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 5. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 - - statute, statutory provisions legislation, law, enactm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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